As April quickly approaches, businesses that do any type of business in the Marco Sturm jersey UK need to get ready for the UK Bribery Act . Guidance has been offered to provide businesses with tips and advice for complying with the Act, which should be released sometime this month. I have had the opportunity to interview Barry Vitou and Richard Kovalevsky QC of thebriberyact.com.
Here's a recap of the interview:
Q:?Does the Bribery Act apply to companies doing business in the UK even if they aren't a UK based business?
?A: Yes, If a business carries on business in the UK the Bribery Act will
Q:?Why is compliance with the Act important?
?A: On top of the draconian penalties corruption isn't attractive to your customers or potential/existing partners. There are increasing ways of being caught too.? New laws, whistleblowers, disgruntled employees, and something garnering a lot of press at Marco Sturm jersey the moment, WikiLeaks to name but a few.
This all reflects a growing global movement toward business ethics, pushing companies to adopt ethical practices and implement compliance programs.
Q:?What can a company do to protect itself and comply with the Act?
A:?The main protection is to make sure your company establishes Adequate Procedures to prevent bribery. Guidance on the key principles that will need to feature in such Adequate Procedures should be released in January. These procedures focus on top down approach to anti-corruption.? The 6 key principles identified so far in the draft Adequate Procedures guidance are:
- Risk assessment;
Top level commitment;
Due diligence;
Clear, practical, accessible policies and procedures
Effective implementation; and
Performance and review.
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