While Ministry of Justice guidance must be heeded by UK corporates, their continuing efforts to combat bribery and corruption will be very dependent upon enforcement actions taken by the SFO in years to come, says KPMG.

“The guidance provides suggestions for good compliance, but precedents will be set, fines doled out, and culture shifted through the decisions made by the SFO and in court. It is clear that the fight against bribery and corruption is high on the SFO agenda, therefore now is the time for any global business, with even a footprint in the UK, to prepare themselves in a proportionate but adequate way, says the firm's head of anti-bribery and corruption, Brent McDaniel.

“We need to cut through the noise created by the corporate hospitality hype and listen to what the guidance is telling us about the Act. The SFO are likely to have little interest in prosecuting over a bottle of wine or a ticket to the Olympics. The mandate is to stamp out grand scale corruption in high risk countries, but doing so with limited resources"

“This Act is particularly relevant for M&A and PE. In cross territory deals the key is to do your homework and know exactly what you’re buying – due diligence lies at the heart of the Bribery Act. In the eyes of the court if you buy the house the skeletons occupying the cupboard come with it too. Not only will the value of the deal drop if bribery allegations are made but your corporate value will suffer too.

The same goes for PE, the risk advisory warns. The propose that anti-bribery and corruption culture and behaviours permeate through entire portfolios – irrespective of location or intended investment period.

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