Paul Smethurst examines the impact & implications of the new Bribery Act
Picture the scene—pine and glass boardroom, champagne and smiles all around. With economic recovery being driven by consolidation you have just successfully assisted your corporate client in the acquisition of a company that will open up new overseas markets, the possibility of government work and access to a team of people who, if lifestyle is anything to go on, are clearly very successful.
Six months on and the mood has changed. Your client has discovered a culture where the “bung” is king in terms of both winning new work and appointing suppliers and wants to know what you did during the deal transaction process to ensure compliance with the Bribery Act 2010 as some very friendly people from the Serious Fraud Office (SFO) are coming in for a chat and by the way who is your PI insurer?
The Bribery Act 2010 received Royal Assent in April and its provisions are expected to come into force in April 2011. As well
