As the 2010 Bribery Act1 comes into force on the 1st July, anti-corruption watchdog Transparency International UK warns that the enforcement of the new Act could be undermined by a lack of resources.
The Bribery Act, passed in April 2010 with cross-party support, gives prosecutors a better legal framework to prosecute bribery. It will also help to level the playing field for the vast majority of UK companies that want to conduct their business in a responsible manner. However, the budget of the Serious Fraud Office is being cut by 26 % from £55 million to £39 million, with a further cut of 25 % expected.
Transparency International UK, a leading anti-corruption organisation which has been campaigning for the modernisation of anti-bribery legislation for the past 10 years, has published the most extensive guidance2 for companies seeking to prevent bribery. Today, it has announced two new projects to assist companies in complying with the Bribery Act:
See full Press Release.
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