Bribery Act 2010: Revised Policies on Facilitation Payments, Business Expenditure and Corporate Self-Reporting

more+
less-

On October 9, the Serious Fraud Office (SFO) issued revised policy statements in respect of facilitation payments, business expenditure (gifts and corporate hospitality) and self-reporting. The changes reflect the SFO’s recent shift back towards its traditional role of investigating and prosecuting serious crime, rather than acting in a more regulatory capacity.

In summary, the revised statements make the following key points:

  • facilitation payments are bribes and are illegal under the Bribery Act 2010, irrespective of their size or frequency;
  • although genuine hospitality or promotional business expenditure is an important and well-established part of doing business, it is important to be aware that bribes can be disguised as legitimate expenditure; and
  • the Guidance on Corporate Prosecutions sets out the extent to which self reporting is relevant to the decision to prosecute. Self reporting will not automatically avert prosecution and, even if the SFO does not prosecute reported violations, it can still prosecute unreported violations and provide information to other bodies such as foreign police forces.

 


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick - Structured Finance Group | Attorney Advertising

Written by:

more+
less-

Orrick - Structured Finance Group on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×