The UK Bribery Act 2011 became enforceable in April 2011. It has become a criminal offence to offer, ask for or accept an inducement that effectively rewards improper or illegal behaviour. The scope of the Act covers all UK organisations irrespective of whether operations are within or outside the UK.
It is important to make sure you are aware of all the technicalities surrounding the UK Bribery Act 2011; if you fall foul of any part of the legislation then you could be facing serious punishment.
The Act itself prohibits any illicit payments made to secure certain contracts – government or otherwise – and prohibits any payments made in order to gain some form of advantage in business, such as paying money in an attempt to sway legislation or to get more favourable tax rates.
The UK Bribery Act 2011 also makes provision that it is an offence to not report incidences of bribery – in fact, alleged or attempted.
Whilst most businesses should be fine, this is a sign that the government is really trying to crack down on any business corruption, and any form of illicit payments or corruption will be treated severely. Whilst business itself is based on competition, this shows how it needs to be fair competition, with no individual business getting any unfair advantage over another.
So make sure that you are up-to-date on this Act, so that you do not fall foul of any part of it at all.