Finance

A Guide That Details The Aspects Of Bribery And Corruption In Light Of Corporate Crime

An area of corporate law that receives much attention owing to its magnitude is bribery and corruption. Involvement in a bribery and corruption case will widely involve corporate crime defence lawyers. The multitudes of legal issues found in the city means that there is always demand for corporate crime defence lawyers London.

An area of corporate law that receives much attention owing to its magnitude is bribery and corruption. Involvement in a bribery and corruption case will widely involve corporate crime defence lawyers. The multitudes of legal issues found in the city means that there is always demand for corporate crime defence lawyers London.

It is very important for businesses to understand bribery and corruption, particularly since the new bribery act came into force.

These are the main aspects of the act:

1. The promise, giving and offering of bribes 2. Agreeing to receive or accept a bribe 3. Bribery of a foreign official 4. Failing to prevent bribery

The penalties for this crime can be huge in magnitude and severity. For this reason, one should always involve corporate crime defence lawyers.

So what IS bribery and corruption?

As the crime usually involves secret agreements, it can be quite tricky to define. Mostly, it is thought to be the offer or money or other reward with the intention of controlling someone’s behaviour. There are also many different kinds of bribery, varying in severity depending on the level of corruption involved.

Companies are able to defend themselves in these cases if they display the presence of certain procedures, and follow these principles:

1. The procedures and action taken should be proportionate to the risks the business takes as well as its size 2. Management should be supportive of a zero tolerance policy. 3. Due diligence including accepting responsibility for 3rd parties and agents 4. Communication and training 5. The regular monitoring/review of procedures

The act affects businesses that operate or partially operate in the UK, so it is not something that can be ignored. Here is some terminology that is often used and is essential for understanding the legislation:

Bribery – Giving/receiving something of value to influence transactions or behaviour

Illegal gratuity – Giving/receiving something of value after transactions are complete, acknowledging the presence of influence

Extortion – The demanding of something valuable and giving threats in the case of demands not being met

Conflict of interest – An employee having an economical or personal interest in a particular transaction

Kickback – The demand of partial value of a contract as a bribe by an official in “return” for securing the contract

Corporate espionage – Stealing trade secrets, intellectual property of committing copyright piracy

Commission/Fee – Used by a UK company or person to get the services of an agency in getting a commercial contract

In conclusion, bribery and corruption is a rather complicated branch of corporate law, one where the advice of corporate crime defence lawyers is almost always recommended.

Looking for corporate crime defence lawyers for bribery and corruption? Head to Lewis Nedas for good advice, particularly if you are seeking corporate crime defence lawyers London