subject: A Guide That Details The Parts Of Bribery And Corruption In Terms Of Corporate Crime [print this page] An area of corporate law that receives much attention owing to its magnitude is bribery and corruption. Involvement in a bribery and corruption case will widely involve corporate crime defence lawyers. With so many different kinds of legal issues surrounding the city, corporate crime defence lawyers London are always being sought out.
With the new bribery act, it is vital that businesses understand the legislation surrounding bribery and corruption.
Here are the main factors of the act:
1. Giving, promising and offering of a bribe 2. Agreeing to receive or accept a bribe 3. Bribing a foreign official 4. The failure to prevent bribery
The penalties for this crime can be huge in magnitude and severity. For this reason, one should always involve corporate crime defence lawyers.
So what IS bribery and corruption?
By its very nature it can be difficult to define as it usually involves two or more people entering into a secret agreement. In general, it is considered the offer of a monetary or other reward to alter the behaviour of the recipient. The various different types of bribery are often defined by the level of corruption involved.
Companies are able to defend themselves in these cases if they display the presence of certain procedures, and follow these principles:
1. The procedures and action taken should be proportionate to the risks the business takes as well as its size 2. Management should be supportive of a zero tolerance policy. 3. Due diligence (including accepting responsibility for third parties and other agents 4. Training and communication 5. Reviewing procedures on a regular basis
Businesses cannot ignore the act, as it covers businesses that operate completely or partially in the UK. Below is some terminology that will help businesses understand the legislation:
Bribery - Giving or receiving valuables in return for influenced behaviours
Illegal gratuity - The giving or receiving of valuables after a transaction is finished, thus acknowledging influence
Extortion - Delivering threats if demands for something valuable are not met
Conflict of interest - An employee having an economical or personal interest in a particular transaction
Kickback - The demand of partial value of a contract as a bribe by an official in "return" for securing the contract
Commission/Fee - A UK company or individual uses this to obtain the services of an agent to secure a commercial contract
Basically, bribery and corruption is a very complex part of corporate law, one where the involvement of corporate crime lawyers is suggested in most cases.
