The City of London Corporation hosted a panel discussion on the implications of the Bribery Act 2010 for City corporations on 25 May 2010. The discussion followed the publication of a Transparency International (TI) report entitled “Avoiding Corruption Risks in the City: The Bribery Act 2010,” which provides an overview of corruption risks for City businesses. The report considers the types of business activity that are likely to put City businesses at greater risk of bribery offences and analyses the results of the TI survey, which highlights that there is a relatively high degree of complacency about bribery and corruption risks among City businesses.
The report made the following recommendations:
- Companies should assess their vulnerability to corruption risks in all areas of business, as well as their potential exposure and liabilities under the Bribery Act 2010. They should also design and implement robust procedures to prevent bribery and corruption occurring.
- Professional associations should advise their members on how to deal with sector-specific corruption risks.
- Regulators should assist with educating companies about the new Bribery Act and the framework for enforcement (including advice on certain areas, e.g. facilitation payments).
- The UK government and regulatory bodies should encourage the Organisation for Economic Co-operation and Development (OECD) working group on bribery to introduce a ban on facilitation payments under the OECD Convention.
- UK enforcement agencies should also develop a consistent and transparent approach to settlements and plea bargains.