Businesses in Essex are being urged to consider how the new Bribery Act may affect the way they trade in the UK and overseas so that they don’t inadvertently fall foul of the law and incur an unlimited fine.
The new legislation is aimed at making it easier to prosecute companies whose associates make or accept corrupt payments by creating a tough new law for failing to prevent bribery.
To help ensure all businesses in the county remain on the right side of the law, two free seminars have been organised by regional law firm Birkett Long. It aims to dispel the myths surrounding the new law, explain the new offences and help businesses to develop adequate policies and procedures.
David Wisbey, Chairman at Birkett Long and a member of the Commercial and Corporate Finance team, will be presenting at the seminars in September and stressed that the new law affects all businesses, whether they are trading in the UK or abroad, and cannot be ignored.
“The new legislation has been surrounded by a great deal of hype and uncertainty,” explained David. “Many businesses believe that the subject of bribery is not relevant to them because they don’t trade overseas or with the public sector.
“But this Act affects all businesses irrelevant of the type of organisation they are, where they are trading in the world and who they are trading with. No-one is exempt from prosecution and there are no exceptions for even small ‘facilitation’ payments so it could be very easy for a business to break the law without knowing it.”
According to a survey released last month by the consultants KPMG, a third of UK companies have not yet conducted an anti-bribery and corruption risk assessment putting them at risk, if prosecuted under the Act, of not being able to demonstrate that they have ‘adequate procedures’ in place to prevent bribes.
David said: “Before today only an individual could face imprisonment for accepting or facilitating a bribe, but the new Bribery Act brings in a specific offence for an organisation to be prosecuted if any associate of the organisation is found guilty.”
Businesses in the UK have high ethics generally but businesses trading abroad are particularly at risk, especially as many believe that there are some places in the world where business cannot be conducted without engaging in bribery and corruption.
“The fines imposed under the Act can be unlimited so prevention is better than cure,” explained David. “We are encouraging all businesses to think carefully about how they operate and what they can do to avoid inadvertently breaking the law.”
Employers looking for more information can attend one of the free seminars, held by Birkett Long, at:
- Number One Legg Street, Chelmsford, CM1 1JS on Tuesday 20 September between 8am and 10am.
- Essex House, 42 Crouch Street, Colchester, CO3 3HH on Friday 23 September between 8am and 10am
To register for either seminar contact 01206 217605 or email: seminar@birkettlong.co.uk
