What is the UK Bribery Act ?
The UK Bribery Act 2010 is an Act of the Parliament of the United Kingdom. This law regulates the criminal law relating to corruption and as such, it punishes public as well as private bribery.
The UK Bribery Act has extraterritorial jurisdictional reach. This means that, under the act, the criminal offence of bribery does not necessarily need to have occurred in the UK for the offence to have been committed. As such, the Act does not only apply to UK-based companies. It also applies to overseas companies that carry out part of their business in the UK.. In addition, it is also binding for any person or entity, that works for this company (employee) or performs a service on behalf of this company (service provider).
The UK Bribery is considered as one of the toughest in the world. It covers not only active and passive corruption and bribery of foreign public officials, but also the failure to prevent corruption. As it is compulsory by law, businesses must adopt an effective UK bribery compliance programme, consisting of adequate procedures and measures.
This solution will provide you guidance in the adoption of adequate procedures. In this way, you can remain compliant with the UK Bribery Act.