The Bribery Bill came one step closer to becoming law this week, following the Queen’s announcement in her annual speech that bribery laws will be strengthened.

This webcast looks at ensuring “adequate procedures” are in place to address the Bribery Bill.

• Watch the webcast

Overview:

Speakers:

• John Tracey, Forensic Services Partner
• John Higgins, Risk and Regulation Partner
• Will Kenyon, Forensic Services Partner

The UK Ministry of Justice published the draft Bribery Bill on 25 March 2009. It introduces a specific corporate offence of failing to prevent bribery, designed to make companies and other corporate bodies responsible for failing to prevent bribery committed on their behalf by employees, agents or subsidiaries, a familiar concept in the US Foreign Corrupt Practices Act.

A defence to the failure to prevent offence exists if it can be shown “adequate procedures” were in place. However, these need to be working “in practice rather than in theory” when the Bill becomes law. It is imperative companies take steps now to review their current anti-bribery compliance (ABC) programmes and rectify any gaps, or risk finding themselves exposed to unlimited fines and prison sentences and/or unlimited fines for individuals.

But what constitutes “adequate procedures”? The Bill does not define them. Register now to watch the ‘How much is enough?’ webcast, part of a series of PwC Fraud Academy events on the Bill, to find out more.