Bribery Act comes into force on 1 July
What are the key actions businesses will need to take in order to comply with the new legislation? One of the easiest requirements is for the business to make a clear statement that the business culture is one where bribery is never acceptable. This should be a clear statement that the business has a zero tolerance to bribery and a commitment to carry out business fairly, openly and honestly.
Businesses will need to have undertaken risk assessments and should have policies and plans in place for the 1 July.
The Ministry of Justice issued new revised guidance on 30 March 2011 with its ‘quick start guide’.
Full guidance and case studies are also available online.
The guidance follows the six principles:
- proportionality – the actions the business undertakes should be proportionate to its risks and to its size
- top level commitment – the top level management of the business will need to foster a culture where bribery is never acceptable
- risk assessment – the business assesses the nature and extent of its external and internal risks
- due diligence – the business knows who it is conducting business with and assesses the bribery risk
- communication – the business communicates its policies, its procedures and trains its staff
- monitoring and review – establish procedures that ensure regular reviews are undertaken to assess business risks to prevent bribery.
ACCA UK has published a Guide To… The Bribery Act 2010.
Accounting & Business carried an article on the Act in its May issue. See p68 of the digital edition.
The June issue will publish a further (CPD) article.
ACCA has recorded a special free-of-charge, interactive 60-minute webinar which focuses on the policies and plans businesses need to have in place for 1 July 2011. You can watch this anytime by registering here.
CPD events: Bribery Act essentials
Keep your training up-to-date in the current economic climate and take advantage of this ‘essential training’ event on the Bribery Act, before it comes into effect on 1 July.
Time: 10.00 – 16.00
Fee: £195 per person
Bribery Act Essentials – What You Need to Know
13 June, Birmingham
17 June, London
22 June, Manchester
HOW TO BOOK:
Online: please visit https://events.accaglobal.com to register and book
Booking form: download and complete the booking form.
Post: CAET, Professional Courses, PO Box 64185, London, WC1A 9EB
Fax: 020 7059 5959