John Benstead explains why industry needs to be armed & ready for the Bribery Act
The Ministry of Justice has announced that the Bribery Act 2010 will come into force in April 2011, one year after receiving royal assent. The Act overhauls the UK’s archaic corruption laws. A new corporate offence of failing to prevent bribery is created. The Act is certain to have a profound effect on how commercial organisations conduct their operations.
Corruption is currently governed by the Prevention of Corruption Acts 1889 to 1916. Legislation passed in a different era had, by the beginning of the 21st century, become inadequate and it was generally accepted that reform was necessary. The matter was brought to a head by the Serious Fraud Office’s (SFO) controversial decision to drop its criminal investigation into BAE Saudi arms deals. That decision resulted in widespread anger and indignation throughout the global anti-corruption community. This persuaded the government to bite the bullet and reform the law. The Bribery Act 2010, now generally regarded as being one of
