UK Bribery Act seen to add to armoury against corruption
18 May 2011
The UK Bribery Act 2010, which has been thoroughly scrutinised and debated since its passage in Parliament in April 2010, it is now set to come into force from 1 July,aided by guidelines ffrom the ministry of justice.
The act has already succeeded in rallying anti-corruption efforts on both the political and corporate fronts. Ethical companies have hailed it particularly the ''adequate procedures'' defence that it provides to protect companies against the unauthorised actions of rogue employees or business partners.
Even as companies may draw much comfort from the rather liberal approach, the MoJ guidlines take on issues ranging from the jurisdictional reach of the act to entertaining business contacts and foreign public officials.
Commentators say, companies would need to remain committed to updating and maintaining policies and procedures that deal with the corruption risks they face. They say certain global firms may find this somewhat challenging.
They point out that if the legislation is intended to bring about a behavioural change, the early indications are encouraging. They say its longer term success would be assured, however, only if its introduction is backed by robust enforcement against the real offenders.
The SFO has been tasked with leading the enforcing of the act. According to analysts, in the past few years, the SFO has been seen to be taking increased initiative in directing efforts and resources towards fighting bribery and other forms of corruption.
However, despite the Serious Frauds Office (SFO)'s recent anti-corruption enforcement track record, the government has signaled its intention to disband it in favour of a new model for tackling complex economic crime.
