Crombie Wilkinson Solicitors are advising businesses to take time to understand how the Bribery Act will affect them.
With the Bribery Act set to come into force on 1st July 2011, the government has issued some guidance to ensure that businesses can comply with the new regulations, however those that remain unsure should seek legal clarification.
Neil Largan from Crombie Wilkinson Solicitors said “Although the Act makes unlawful bribery or attempted bribery by any employee of a business, and makes it an offence to permit such conduct, firms may escape punishment if they can prove they had adequate preventive measures in place".
“Anyone convicted of bribery will now face a maximum penalty of 10 years imprisonment, as well as an unlimited fine".
“However, genuine corporate hospitality or similar reasonable business expenditure will still be permitted, with the guidelines outlining the kinds of promotional spending that will be allowed”.
The new guidelines should reassure businesses, especially smaller ones that they do not need to spend vast amounts on compliance measures at a time when economic conditions are still difficult.
For more information please contact Neil Largan at our York office on 01904 624185 or John Broadbridge at our Malton office on 01653 600070.