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The United Kingdom has legislated against corruption in various forms since the late 19th Century, this itself drawing on a longer tradition in British law. The Bribery Act 2010 is a recentand landmark addition to the legislative environment in the UK for corruption.
However, the Bribery Act does not address all forms of corrupt behaviour. Laws against money laundering, fraud and theft may be applied to detect, deter and recover the proceeds of corruption. In addition, legislation covers other types of corrupt behaviour both in public office and the private sector.
The purpose of this paper is to inform all interested parties both domestically and overseas about the breadth of UK legislation which may have some application to countering bribery, corruption and related offenses like money laundering. It is a non-lawyers’ guide, and is therefore not a substitute for a detailed review of the legislation, but it is intended to be an easy entry point to stimulate further enquiry.
Transparency International UK and Transparency International USA have published a new guidance for companies on third party anti-bribery management.
Managing third party risk: Only as strong as your weakest link provides practical advice on addressing the challenges of managing third party bribery risk. Although aimed at larger companies, the content may also be helpful to small and medium enterprises (SMEs) as well as regulators, prosecuting agencies and professional advisers.
Understanding who you do business with has been a priority for companies for many years and of particular importance since the UK Bribery Act was brought into force in 2011. Bribery and corruption risks posed by working with third parties remain the single largest corruption risk to companies – with bribery through agents, distributors and brokers representing 41 per cent of 427 enforcement actions concluded since the coming into force of the OECD Anti-Bribery Convention in 1999.
This guidance aims to bring fresh perspectives on best practice in this area, providing a set of principles, practical examples and case studies designed to help companies operate to high ethical standards and protect their reputations.
