The Bribery Act 2010 has transformed the legal framework in relation to corruption and bribery in the United Kingdom and overseas by introducing new, chargeable offences.
This includes, for example, the corporate offence of ‘failure to prevent bribery’ which can lead to a sentence of up to 10 years imprisonment with unlimited fines.
Criminal Justice sanctions against Directors, board members and other senior staff – there are personal ramifications as well as organisation impact;
Damage to the organisations reputation – breaches of the bribery act will be high profile and can be very damaging to public image, this can impact recruitment, staff retention and engagement and investor relations;
There are unlimited fines on convictions making it very difficult to assess the impact of being in breach of the Act;
Conviction of bribery and or corruption may lead to the organisation being precluded from Public Procurement contracts which can have considerable financial ramifications for organisation; and
Unforeseen and unbudgeted costs necessary to conduct an investigation into a potential breach, in addition to any associated legal costs can be substantial.
Our forensics and fraud risk services team continue to advise clients in relation to:
- developing internal awareness materials to assist staff in avoiding, recognising and reporting breaches;
- providing subsequent bespoke training session to staff; and
- developing or reviewing policies and procedures and proactive detection exercises.
If you would like any further information or would like to speak to one of the team, please do not hesitate to contact us.
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