Interactive
UK Bribery Act
Understand and describe the role of the Bribery Act within a business organization.
Magnifi Group
Updated Jun 09, 2020The U.K. Bribery Act of 2010 (the “Bribery Act”) is an Act of the Parliament of the United Kingdom that covers criminal law relating to bribery. After years of draft bills, it was introduced to Parliament in the Queen’s Speech in 2009 and received Royal Assent in April 8, 2010, becoming effective on July 1, 2011. Described as "the toughest anti-corruption legislation in the world," the act provides a legal framework to combat bribery in the U.K. and internationally. (1)
The Bribery Act has a near-universal jurisdiction, allowing for the prosecution of any individual or company related to the United Kingdom, regardless of where in the world the crime occurred. Penalties are stiff and can involve up to ten years of imprisonment and an unlimited fine. (2) The instigation of the act brought a lot of changes to the behavior and thinking of the business world, even outside of the United Kingdom. The business community throughout the world has started to adapt provisions of the Bribery Act in their business regulations and codes of conduct. The standards of the Bribery Act are higher than all other anti-corruption regulations worldwide. (14) The Bribery Act increases global awareness of foreign bribery, and supports the investigation of foreign bribery in global business. It has the potential to pave the way for competitive, but fair practices.
