Corruption is a problem not only from an ethical and competition-distorting perspective, but also because of the risk it creates to the reputation of any affected business and the potential financial implications of a finding of wrongdoing.
Businesses need to stay ahead of developments in this rapidly evolving area of law and any board of directors that does not give due consideration to these issues is arguably failing in its duties.
The introduction of the Bribery Act 2010 in the UK not only clarifies and simplifies the old anti-bribery law to make prosecution more straightforward, but also provides more wide-ranging offences and harsher penalties than ever before. An increasingly proactive approach by prosecutors and regulators to policing corruption, using both traditional and more innovative civil and criminal remedies from the ever-growing arsenal available to them, have created an imperative for businesses to treat corruption as a major business issue.
Reactive compliance is not enough; to avoid liability in future, management will be expected to demand, exemplify and achieve the highest standards of ethical conduct at all levels within their organisation.
Our Anti-Corruption Zone offers our clients a “one-stop shop” for useful legal resources and the latest news on corruption issues.