The new Bribery Bill comes into operation on the 1st October 2010, and it appears it will become an offence for a company not to stipulate that bribes should not be paid or taken.Therefore we need more paperwork, and proof of circulation to all employees. Can employees accept entertainment and/or hospitality, if so to what level and how often?What about gifts? Is a £20.00 bottle of wine acceptable once a year, what about a case at Christmas?
Don’t think you can get away with it overseas either. Under the Anti-Terrorism, Crime and Security Act 2001 - tips, inducements or bribery conducted by a UK company overseas is subject to the same criminal penalties as if the act were conducted in the UK. Perhaps now is a good time to update the company Code of Ethics and define what is acceptable and what is prohibited.
Do you have one? Written by John Hill one of our finance experts.