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Paul Townsend and Peter Van Duzer discuss the practical implications of the Bribery Act 2010. Peter (specialist in corporate governance issues and author of company law publications) explains that there are four main offences of the Act: the first two relate to making and receiving a bribe, whilst the third and fourth are new offences of bribing a foreign public official and the failure by commercial organisation to prevent bribery. Failure to prevent bribery poses a greater risk to organisations as it includes actions of associated persons, Peter goes on to explain that an employee, agent or subsidiary may be considered an associated person of an organisation, even if outside the UK and, therefore, organisations are open to greater risk. The only defence would be to show that adequate procedures to prevent bribery are in place.
Government issued further guidance in 2011 by introducing 6 principles which should be demonstrated in bribery preventions procedures. The podcast details the six principles.
For more details click here and www.thebriberyact2010.com
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