Deloitte Financial Advisory Services LLP has published results of a survey in which 73 percent of the more than 1,000 business professionals surveyed said they aren't yet familiar with the provisions of the UK's sweeping legislation. Those polled were mostly based in the US coming from a range of industries, including financial services, consumer and industrial products, and banking and security. The poll was conducted earlier this year during a Deloitte webcast focusing on compliance with the FCPA in Brazil, Russia, India, and China.
Meanwhile, former Attorney General, Lord Goldsmith, has warned that the Guidance recently issued by the UK Government on the Bribery Act could unfairly prejudice British companies. He stated that the Guidance could make it difficult for the Serious Fraud Office to prosecute foreign companies, potentially handing them an advantage over their UK competitors.
Guidance on the Bribery Act released by the Ministry of Justice last month included wording that could exclude some foreign companies listed in London from prosecution. Foreign companies that have subsidiaries in the UK could also escape the Act's power.