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The Bribery Act 2010 (the Act) came into force on 1st July 2011. The Act is a significant piece of new legislation which no company doing business in the United Kingdom can afford to ignore.
The Act obliges any company operating in the United Kingdom to review its policies and business procedures to ensure that it is not dragged into costly and potentially damaging bribery proceedings. In addition, the Act sets out a catalogue of penalties, including fines which in certain cases can be unlimited.
The Act introduces four new offences as follows:
1. bribing another person;
2. being bribed;
3. bribing a foreign public official; and
4. a corporate offence of failing to prevent bribery.
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