Preventing Corruption
The Bribery Act 2010 is now fully in force which means that financial services firms (as well as others) are now criminally liable for allowing bribery to take place. However, there is a statutory defence which is when a firm can prove that it had 'adequate procedures' in place to prevent bribery.
The Government has issued statutory Guidance as to the form that 'adequate procedures' should take setting out six basic principles. Lysis can provide expert advice on how these principles will work in the context of your firm.
There are three issues to focus on;
- The FSA is going to home in on the question of whether bribery 'could' have taken place given the state of a firm's preparedness; this will take place as part of its 'thematic reviews'
- The FSA will use its powers to take civil action against firms using the lower standard of proof compared to that needed for a criminal prosecution by the SFO
- Since May 2010 the FSA has clearly had commercial insurance companies firmly in its sights
Lysis has a publication on Preventing Corruption which sets out in summary form the provisions of the Bribery Act, what you need to do and how we can help in a concise and readable style. There is also an Annex which sets out in more detail the provisions of the Act and the six principles contained in the statutory Guidance published by the Ministry of Justice. Please contact us if you would like a copy.
Preventing Corruption: Health Check Preventing Corruption: Full Review