Despite continued speculation around the Bribery Act, a third of UK firms remain unprepared for Friday’s implementation, according to KPMG. This ambivalence could cost executives a jail sentence or hefty fine.
On top of this, some 71 per cent believe there are some places in the world where business cannot be done without engaging in bribery and corruption.
“While many corporates are already tackling the Act head on, the fear is whether training and policy are extending to global partnerships and overseas third parties,” says Brent McDaniel, head of anti-bribery and corruption at KPMG, in a bid to warn businesses ahead of 1 July 2011 when the UK Bribery Act comes into force.
“For those enjoying corporate hospitality this week, proportionality sits at the heart of this legislation. The Serious Fraud Office is likely to have little interest in prosecuting over a centre court ticket or a day at the races. The mandate is to stamp out grand scale corruption in high risk countries, but evidence of companies undertaking thorough risk assessments and training is vital to evade prosecution,” he said.
“In a crowded regulatory world the Bribery Act is but one element and should not be tackled in isolation, but must be the catalyst for company boards to overhaul the entire compliance agenda.”
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