Business laws have changed a lot of late, and for good reason. But as a result, it can be tough trying to keep up with the changes and ensure that you do not fall foul of the law. Could an employee picking up the cheque for lunch put your business at risk? Most businesses don’t know and don’t want to know.
The Bribery Act 2010 has been described as the toughest legislation of its type in the world. David Alexander, Smith & Williamson, explains how the act has far-reaching implications for business owners. (Quite literally far-reaching, as the crime can happen anywhere in the world if connected to a UK business.) With possible penalties including fines, possession of property and imprisonment, businesses should take action now to put procedures in place to protect themselves in the event of a suspicion of bribery. This cannot be done after the fact.
Does it still sound like something that can be ignored?