Now that the final guidance has been published for the UK Bribery Act 2010 which will come into force on 1 July 2011 it is important to check how the Act will impact Manx companies doing business in UK. Adam Kelly from the Corporate and Commercial department of Simcocks explains the implications.
Those doing business in the Island might be forgiven for assuming that if they comply with Manx law they have little to fear if they also conduct business in other jurisdictions, particularly the UK.
Such an assumption would be misplaced in the case of the UK’s Bribery Act 2010, hurried on to the statute book shortly before the General Election and now scheduled to come into force on I July 2011, now that the final guidance has been published. This Act is significantly more extensive in scope than the Island’s Corruption Act 2008 and has application outside the UK, including potentially in the Island.
For example, if a company in the Island owning property in the UK has a surveyor who offers a bribe the company will be liable to prosecution unless it has “adequate procedures” in place.
The Act has several features which are new, but two, in particular, should be taken into account by those doing business in the Island and the UK. Their combined effect is to make criminal in the UK conduct in the Island which is not criminal under Manx law.
Download the full article here: Preventing bribery and corruption