THE law on bribery was updated last week and accountants warn company directors who fail to address the new rules risk damaging their business and even prison sentences.
Under the new rules, firms with UK operations will become criminally liable for corruption in their business, supply chain or sales channels, as will management who ‘consent or connive’ with the offence.
Tony Parton, PricewaterhouseCoopers forensics services partner in the North, said: “International enforcement agencies including the Serious Fraud Office are increasingly collaborating on overseas cases, which increases the chance of detection of bribery and successful prosecution in the UK.
“Our advice would be for businesses, particularly those bidding for foreign contracts, to review their risk profile and anti- bribery programmes.”
Last month Innospec, the Ellesmere Port chemical firm, was fined £8.3m after being found guilty of bribing Indonesian officials.
