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27th September 2010
Contractors must comply with Bribery Act
Contractors are to be scrutinised as part of preparations for the Bribery Act which comes into effect in 2011.
From April next year, small and medium-sized enterprises (SMEs) in the UK will have to ensure that any agent or contractor connected to their business is in compliance with the legislation.
Bribing, receiving a bribe or failing to prevent bribery will all be classed as offences, whether they take place in the UK or not.
Solicitors at Winston & Strawn said SMEs breaching the laws after April will be dealt with firmly, given the amount of time for preparation in the meantime.
Consequently, SMEs are now being advised to ensure all their trading partners are diligent, or else risk serious consequences.
"Your business risks unlimited fines, blacklisting from EU contracts and forfeiture of proceeds of illegal deals,” said Winston & Strawn.
"Whether you know about it or not on top of your own obligations, you will be criminally responsible for bribery by business partners worldwide if your business was intended to benefit or benefits, directly or indirectly."
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