Bribery Act – News Update

Bribery ActOn the 1st July 2011, the Bribery Act became law. The Act reforms the criminal law to provide a new, modern and comprehensive scheme of bribery offences that will enable courts and prosecutors to respond more effectively to bribery at home or abroad. The legislation defines ‘bribery’ in wide terms, to capture the differing ways in which bribes are made or received, and applies to all companies, partnerships, and individuals based in England, Scotland, Wales and Northern Ireland, as well as foreign companies and individuals doing business in the UK. It has a global reach, applying to acts or omissions taking place anywhere in the world. The Act defines four new criminal offences:
  • offering or paying a bribe;
  • requesting or receiving a bribe;
  • bribing a foreign public official;
  • a corporate offence of failing to prevent bribery being undertaken on its behalf.
An insurance broker’s regulatory responsibilities concerning anti-bribery and corruption are covered in the FSA’s Principles for Business, which in turn, encompass the requirements of the Act. Reference: Cobra Network

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