Challenge of Addressing UK Bribery Act Compliance
The UK Bribery Act has been described as the toughest anti-corruption legislation in the world and is one of two anti-corruption measures – along with the U.S. Foreign Corrupt Practices Act (FCPA) – that sets modern global standards for bribery and corruption prevention and enforcement. The UK Bribery Act heightens liability risks for companies, directors and individuals – and in fact has a wider scope than the older FCPA. Compliance is key for British companies operating abroad as UK Bribery Act penalties are steep, including fines, confiscation of property and even imprisonment.
The UK Bribery Act includes two general offences: the offering or giving of an “advantage,” and the requesting, agreeing to receive, or accepting of an “advantage.” It also goes deeper into these generalities by further emphasising the bribery of foreign officials, as well as the failures by commercial organisations to effectively prevent bribery through adequate enforcement of policies. In addition, UK Bribery Act compliance includes proper third-party risk management – one of the key differences when it comes to the FCPA vs the UK Bribery Act.
See How Anti-Bribery Training Can Help