- This act provides strict and comprehensive regulations to deal with corruption in general and corruption in business (increase imprisonment up to 10 years vs 7 years of previous law).
- UK law defines 4 forms of corruption acts: (1) giving bribery, (2) receiving bribery , (3) Bribery of foreign public officials to obtain or retain business or advantage in conduct of business (4) Failure of commercial organizations to prevent bribery.
- In 2011, UK Ministry of Justice gave the guidance on measures for commercial organizations to prevent bribery in which promulgated compulsory principles for commercial organizations to apply:
- Apply measures to prevent bribery;
- Leaders and high managers commit to bribery prevention;
- Periodically assess the risk and level of the bribery risk;
- Apply measures to minimize the identified risks;
- Conduct communication (including training) throughout the organization to apply and thoroughly prevent bribery;
- Control and monitor to prevent and promptly adjust policies if it is necessary
See more about the UK Bribery Act here