Britain looks set to become part of the world’s biggest-ever concerted attack on fraud and corruption within financial institutions. The Bribery Bill – which now seems certain to be passed before the UK General Election – will bring Britain more into line with tough US regulations, according to Complinet, a supplier of global finance solutions.
Key parts of the Bribery Bill include making it illegal to bribe a foreign official to obtain or retain business and making it an offence if companies fail to prevent a bribe being paid by their employees or by other firms on their behalf. Employees face jail sentences of up to 10 years and companies could be hit with unlimited fines.
“The new laws will be the most powerful weapons yet in the fight against fraud and deception,” said Chris Pilling, Complinet’s chief executive officer (CEO). “They will also be the first step towards worldwide co-ordination of compliance laws among regulators.”
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