The UK Bribery Act, "The Toughest Anti-corruption Legislation in the World"
12/21/2011 9:34 AM
On July 1, the UK Bribery Act went into effect. Following the 1977 passage of the United States' Foreign Corrupt Practices Act, the new British law will set new standards for ethical business behavior around the world. According to a recent article in the Wall Street Journal the original FCPA "may be proving more effective than any other U.S. initiative in extending the rule of law into developing markets." This will only help business everywhere compete more effectively and more consistently on a global basis. Under the influence of the FCPA, U.S. companies "are forcing their anti-bribery standards out through their international supply and marketing chain." The addition of the UK law will surely accelerate this corporate civility and as the WSJ editors say, "make the market place a little less lawless." But this law has some unusually far-reaching provisions that will require all corporations dong any business in the UK to rethink their approaches to FCPA compliance management.
The Institute for Enterprise Ethics will host a discussion of the impact of this new law in January 2012. Following are a series of publications providing some background on the Act and the challenges it presents to the United Sates business community. To read these articles click below.
The New Global Reach of Anti-Corruption Laws, by Don Mayer, Daniels College of Business
The UK Bribery Act and Its Impact on U.S. and Multinational Businesses, Paul Weiss
U.K. Bribery Act escalates liability risks for U.S. companies, Inside Counsel
UK Bribery Act - Raising the Bar, Deloitte
UK Bribery Act, PWC
The Rule of Law Finds Its Way Abroad—However Painfully, Wall Street Journal
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