8 December, 2012
Legal News & Analysis – Asia Pacific
In July 2012, one year after the UK Bribery Act became effective, FTI Consulting conducted a survey of senior and middle managers in large- and medium-sized businesses operating in the UK. We set out to uncover their current attitudes, the compliance steps undertaken or contemplated by their companies and their views on enforcement.
Compliance with global anti-bribery laws is an increasingly important issue for companies against a backdrop of sluggish economic activity, tough competition for market share, rigorous cost management and shrinking budgets for non-revenue generating activities, but increasing public expectations of business ethics and tougher enforcement by regulators. As companies seek growth through expansion into emerging markets they may also face new and different business environments and exposure to increased risk.
The UK Bribery Act, which consolidated, clarified and strengthened UK anti-bribery law, is generally broader and more stringent than the US Foreign Corrupt Practices Act (FCPA). The UK Bribery Act covers four categories of offence: (i) bribing another person; (ii) being bribed; (iii) bribery of foreign public officials; and (iv) failure of a commercial organisation to prevent bribery. Among the differences between the UK Bribery Act and the FCPA is that the UK Bribery Act criminalises bribery of private persons and companies, in addition to bribery of foreign public officials. In a previous survey by FTI Consulting into corporate investigations, 60% of respondents saw the UK Bribery Act as a top-three concern over the next five years
For further information, please contact:
Asia
Richard Kershaw, Managing Director, FTI Consulting
richard.kershaw@fticonsulting.com
Rest of the world
John Higgins, Managing Director, FTI Consulting
john.higgins@fticonsulting.com