Ask the Expert: Business crime defence
Craig McAdam, partner, business crime and regulation at Russell Jones & Walker, Manchester, out...
Business Security
Bribery & Corruption
On 1 July 2011 the Bribery Act came into effect today. It means businesses could face prosecution for failing to prevent staff or agents from offering bribes.
The new legislation put the responsibility of preventing bribery onto the companies and overwrote existing anti-corruption legislation, much of which is more than 100-years-old.
Any company that has offered corporate hospitality, entertainment and gifts will need to review their policies to ensure they do not fall foul of this new legislation.
Companies were given advance warning to prepare for the changes, and any business that has not done so must take action or risk legal consequences.
The Act has been put in place to tackle the serious threat of corruption, which the World Bank estimates to be worth $1tn each year around the world.
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At a Glance
The average size of a bribe in Russia was more than 23,000 rubles (£506) in 2009
Source: Russian Department of Economic Security
The cost of corruption worldwide is estimated at $1tn per year
Source: World Bank
Corrupt money associated with bribes received by public officials in developing and transition countries is between $20bn and $40bn a year
Source: World Bank
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