Employment Seminar on The Bribery Act 2010
On 12th April 2011, Pinney Talfourd LLP hosted their latest Employment Seminar with Paul Staddon of Tanfield Chambers at their Upminster Office.
The Seminar was on The Bribery Act 2010 ("the Act") which is due to come into force on 1st July 2011.
Paul Staddon explained and referred to the Guidance that has now been produced and how commercial organisations need to adopt procedures to reduce their exposure to prosecution under the Act.
The Act creates an offence to fail to prevent bribery by people working on behalf of a business in the UK or overseas and there is an increase the maximum penalty for bribery from seven to 10 years imprisonment, with an unlimited fine.
In summary the Seminar highlighted the point that every commercial organisation will need to assess the risks to its particular business and put in place procedures appropriate to the size and nature of the business. Based on careful review of the Act and Guidance this has relieved the fears of the Act making the UK uncompetitive due to harsh restrictions on facilitation payments and corporate hospitality and focuses on a common sense approach and the need for proportionality.
If you require any assistance or guidance on what the Bribery Act means for your business please feel free to contact us.