Event 23 Aug. 2023
Partner Borzu Sabahi Speaks at the 52nd IDRI Professional Accreditation & Membership Programme
more
Event 14 Oct. 2022
Curtis Provides Capacity Training to the Government of Uganda
Event 18 Aug. 2023
Partner Borzu Sabahi Speaks at FDI Moot Shenzhen
News 25 Jul. 2023
Partner Eric Gilioli Ranked in Top 10 Influential Energy & Natural Resources Lawyers in Kazakhstan in Business Today
Article 22 Aug. 2023
Fuad Zarbiyev Publishes Article in Journal of International Economic Law
Client Alert 14 Aug. 2023
The EU’s Market in Crypto Assets (MiCA) Regulation: The Highlights
Event 22 Aug. 2023
Partner Dr. Claudia Frutos-Peterson to Speak at Arbitration and ADR Commission of the ICC Mexico
Event 11 Jul. 2023
Partner Elisa Botero Speaks on the Role of the ICC in Investment Disputes
News 15 Aug. 2023
Legal Reader Publishes Article on Dr. Majed Alotaibi’s Arrival as Senior Counsel in Curtis’ Riyadh Office
News 31 Jul. 2023
Curtis Welcomes Senior Saudi Advisor, Dr. Majed Alotaibi, to its Riyadh Office
News 24 Aug. 2023
Curtis Attorneys Quoted in CoinDesk on FTX Founder Sam Bankman-Fried’s Strategy Ahead of His Criminal Trial
News 06 Mar. 2023
Russia Sanctions at the First Anniversary: An Overview of Current Sanctions in the US, UK, and EU and How Global Companies Can Navigate Evolving and Conflicting Sanctions Regimes
Client Alert 30 Aug. 2022
The EU Adopts the “Maintenance and Alignment” Sanctions Package
Client Alert 24 Jun. 2021
Update on Virtual Notarization (Executive Order 202.7) During the COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Update on Virtual Witnessing (New York Executive Order 202.14) During The COVID-19 (Coronavirus) Pandemic (Updated: June 24, 2021) — U.S. Insight
Publications April 2010
IntroductionOn 8 April 2010, the UK Bribery Act (the Act) became law, although its operative provisions have not yet come into force, modernising UK anti-bribery law and significantly expanding the offences, jurisdictional reach, and penalties for bribery. This law will have a major impact on UK businesses and individuals, especially those operating outside of the UK, as it will significantly increase their exposure to anti-corruption offences.Specific ProvisionsThe Act will now make it a criminal offence to receive, request, offer or promise a bribe or other advantage, and it imposes strict liability upon companies for failing to prevent a bribe being paid on a companys behalf (although it allows a defence if adequate procedures to prevent bribery are in place).Specifically, a person is guilty of an offence under the Act if he (1) offers, promises or gives a financial or other advantage, and (2) requests, agrees to receive or accepts a financial or other advantage, if that advantage induces a person to perform a relevant function improperly or rewards such improper performance. Improper performance is performance which breaches the expectations of good faith or impartiality or breaches a position of trust.Jurisdictional ReachThe Act considerably expands the jurisdictional reach of the UKs bribery laws. The new law criminalises specified activity whether it occurs in the UK or abroad, if it is committed by persons resident in the UK (regardless of nationality), UK nationals (anywhere in the world), any bodies incorporated in the UK (no matter where the companies are operating) or the agents of such corporations. Moreover, senior corporate officers who consent to or conspire in a corporate offence may be criminally liable as individuals.Importantly, any corporate body wherever incorporated which carries on a business, or part of a business, in the UK is subject to the Act.These are significant changes to prior law, as the Act now imposes criminal liability upon individuals and corporations for their actions outside of the UK, as well as for the acts of their agents. UK businesses will have to ensure that sufficient compliance programs are in place to make certain they are adhering to these new requirements.PenaltiesThe Act introduces substantial penalties and fines. For the most serious offences, a sentence as high as ten years of imprisonment is available and the court may also impose unlimited fines.Differences with the US Foreign Corrupt Practices Act (the FCPA)In several respects, the Act is significantly stricter than the FCPA. For example, the Act prohibits bribery not only of public officials but also of private citizens. Further, the Act permits a sentence of up to ten years in jail (on conviction of an individual for offences of bribing another person, being bribed or bribing a foreign public official), whereas under the bribery provisions of the FCPA a sentence of only five years is available (the FCPA does, however, provide for a sentence of up to twenty years for an individual found to have violated the FCPAs accounting provisions and these provisions are typically invoked in conjunction with the FCPAs bribery provisions). In addition, unlike the FCPA, the Act imposes strict liability upon a company for failing to prevent a bribe being paid on its behalf.Key Provisions and Uncertainty Surrounding the ActSome key provisions of the Act are broadly drafted, making it difficult to be precise on the ambit of the Act. For instance:
Awaited GuidanceThe UK Government is required to issue guidance on the new Act but that the guidance is not likely to be available until after the General Election on 6 May 2010. The Act will not come into force until sometime after the required guidance has been issued. Moreover, it is anticipated that after the guidance has been issued, there will be an additional delay before the Act comes into force, to provide companies sufficient time to ensure their current anti-bribery policies meet the terms of the yet-to-be published statutory guidance on adequate bribery prevention procedures. The Serious Fraud Office has, however, already indicated the type of procedures it will be expecting organizations to implement. These include clear support at the highest levels of management, a code of ethics and training.
Economic Sanctions
London
+44 20 7710 9800
We use cookies on our website to enhance your browsing experience, match your interests and assess our website performance. We do not share information with any third-party for marketing purposes. Please view our privacy policy to learn more about the use of cookies on our website. By continuing to browse our website, you consent to our use of cookies.