The UK Bribery Act 2010 (“the Act”) came into force on July 1, 2011. The Act has broad jurisdictional scope which means that some bribery offences outside the UK, including the corporate offence of failing to prevent bribery, could attract the attention of the UK authorities.
The Act could have implications for US organisations, including mining and oil companies, which carry on business in the UK, especially those active in emerging markets ranked as being more prone to corruption in Transparency International's Corruption Perception Index. A breach of the Act could lead to criminal penalties including an unlimited fine.
For further details on the implications for US companies please click here to read an earlier GTM article on the Act's jurisdictional scope.