The Isle of Man’s new Bribery Bill will come into force by the end of this year.
Many organisations carrying on business in the Isle of Man and UK will already have introduced procedures to meet the requirements of the UK Act that came into force in 2011. But what is essential now is to prepare for the new Isle of Man Act which will affect all businesses on the Island to ensure they have adequate procedures in place to prevent bribery.
The new Isle of Man Act will replace the Island’s Corruption Act 2008, and the main difference will be the introduction of a new corporate offence of failing to prevent bribery, based on the similar provisions of the UK Act.
This offence is committed where a person associated with a relevant commercial organisation commits a bribery offence intending to gain a business advantage, and the organisation cannot show it has adequate procedures in place to prevent the bribe. The effect is to place the burden on the organisation concerned to demonstrate that it has suitable anti-corruption procedures in place.
Read the full article here: Isle of Man Bribery Act 2013