How Well Do We Really Know the UK Bribery Act?

How Well Do We Really Know the UK Bribery Act?

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.@FCPA and @UKBriberyAct. Two things every global company should know about.

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Wednesday, March 25, 2015 - 1:15pm

CONTENT: Article

As communication efforts grow larger among international commerce, companies are finding it to be a challenge in trying to comply with regulations set fourth by the Securities and Exchange Commission and the Department of Justice. Other regulations also apply if you are conducting business within the United Kingdom; these efforts are better known as the U.K. Bribery Act. Following some similarities between the UK Bribery Act and the Foreign Corrupt Practices Act, the UK Bribery Act follows a framework that enables guidance for companies that are doing business in other countries while operating within the United Kingdom. From offering, promising, giving a bribe, the UK Bribery Act up holds many of the same principles that is needed for fair trade.

Created in 2010, the object was to set fourth a new wave of up holding ethical practices amongst private and publicly held companies. James Maton of the Cooley LLP Group published an article on “What Company Officer and Directors Should Know About the UK Bribery Act” that examines the specifics points that every executive should know when dealing with bribery. As companies expand into broader markets and competition between different industries begin to develop, bribery cases are becoming a real threat to fair trade and commerce.

Although there are similarities between the FCPA and UK Bribery Act, there differences as well. As the article points out, the UK Bribery Act criminalizes facilitation of payments to those involved, and the FCPA does not.

As more regions throughout the world are becoming more ethically involved in fair trade and commerce, solutions and practices are being developed to make sure these are all being followed. But of course being able to track, understand, and monitor all the rules and regulations set fourth by different organizations can be daunting. Source Intelligence powered by CREATe has developed a series of resources that covers 7 key categories of an effective anti-corruption and anti-bribery compliance program. These reference points were compiled to make sure companies had the proper resources needed to either improve or begin a robust compliance program. View those resources here.