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The UK’s recently released “Insight into awareness and impact of the Bribery Act 2010” (available here) contains important feedback from SMEs concerning their understanding of the UK Bribery Act. The document reveals SMEs are largely aware of the Act and of its extra-territorial reach. But it isn’t all good news.
One-third of SMEs had no knowledge of the Act, and most of those that did know of the Act were unaware of the Ministry of Justice guidance document: ‘Three-quarters (74%) of SMEs that were aware of the Bribery Act were not aware of the MoJ guidance published in March 2011 to help commercial organisations understand the procedures they can put in place to prevent persons associated with them from bribing’.
The guidance document (available here), released shortly before the Act came into effect, is an essential read if SMEs are to fully understand their compliance obligations under the Act. It helps companies of all sizes to assess their risks and to avoid bribery. If you don’t have time to read the Act or the guidance document, read the UK Bribery Act Compliance Guide on the Business Anti-Corruption Portal.