Bribery Act: Delay stirs mixed reactions
Written by Edtior
2011-01-31
The government has delayed new anti-bribery laws which were due to come into force in April.
The Ministry of Justice announced today that the Bribery Act would need to undergo further review before it can be workable for business.
Commenting on the news, Andrew Gordon, a partner in PwC's forensic services practice, said: "We are concerned that businesses will be distracted by the current debate and the uncertainty it brings. There is no guarantee that the Act will be materially changed in its substance. Companies which have not begun to review and plan for the requirements of the Bribery Act are at risk of being exposed when the Act comes into force. Those that are taking action should carry on doing so."
The admission will be welcomed by others, though, as Stephen Hancock, director regulatory & financial crime programme at Wolters Kluwer Financial Services points out: “The passing of the Bribery Act 2010 has created more questions than answers as to exactly how to comply with the new legislation in an effective, pragmatic manner. Therefore, if the legislation is delayed by three months, but the consultation leads to providing business with clear guidance on how to implement it, then this must be seen as positive action.”