Bribery Act 2010: implications for accountants

Posted by Anil Rajani PM | on Tue, 12/04/2011 - 11:34 10048 4 comments

IBB Solicitors partner Anil Rajani summarises the Bribery Act 2010 guidance and the important implications for accountants.

The countdown to the implementation of the Bribery Act 2010 has now started.

The publication on 30 March of guidance on adequate procedures served as a firm reminder to the commercial sector that firms now have less than three months to get to grips with the legislation and implement these procedures, or face investigation and even prosecution at the hands of the Serious Fraud Office (SFO).

The Act creates four new offences:

bribing another person
accepting or receiving a bribe from another person
bribing a foreign official
failure by a commercial organisation to prevent bribery

Continued...

Welcome clarification

Nick Graves | Wed, 13/04/2011 - 11:33 | Permalink

looks like all the lavish does that the politicoes regulaly invite themselves to are now clearly defined as prima facie examples of bribery & corruption.

Once they're all imprisoned, maybe we can get on with filing P35s unmolested...

Bent as a nine bob note

Donald2000 | Wed, 13/04/2011 - 13:09 | Permalink

I dont think politicians have any business passing this sort of legislation, think Chaytor, Devine, et al and I am sure you will get the picture.

Once again its all about what we as accountants are supposed to be doing; never about the appalling example that politicians are setting.

While we are at it, is there any way of stopping the banks spiriting away our tax revenues to offshore tax havens; thats corruption on a major scale.

Quite frankly the system sucks. I thought this administration were busy getting away from duff legislation, not putting more of it on the statute book.

Bribery Act 2010

garry.johnson | Wed, 13/04/2011 - 14:23 | Permalink

It is difficult to see how such subjective legislation can work. Having spent part of my working life in the public sector and part in the city I can imagine the confusion that will be caused particularly with regard to hospitality. . What is a bribe to one person is a normal part of public relations to another. No doubt those deciding what a bribe is will be those who would personally feel susceptible to being influenced even by low level entertaining. Wimbledon, Twickenham, Glyndebourne, Lords, Henley, Silverstone etc will undoubtedly be linked with challenges under this act along with Covent Garden and other theatrical venues. In my working life I have given and received hospitality in many of these places and never felt that I had been influenced of received favourable treatment because of such activities.

I am pleased to be retired!

Bribery Act 2010

rquaye | Wed, 13/04/2011 - 15:05 | Permalink

Hospitality functions are adequately covered in the guidance and unless any firm wants to play smart with this and offer bribe then they will have themselves to blame.

Mutinational firms with the US links are already subjected to the FCPA, so the large organisations must already be used to this, granted the 2010 is now tougher than the FCPA.

All that we can do as Accountants is to update ourselves on the requirements and offer help to your clients especially if we offer Internal Audit, Anti Fraud, Forensic Accounting and Compliance services.

The Act is here to stay and we must update ourselves or others will take your clients.