Many small and medium sized construction companies have not prepared for the Bribery Act which comes into force on July 1, Building reported.
A survey by law firm Russell Jones & Walker revealed that 22% of businesses have no plans to implement procedures to take account of the act and while 29% of businesses had put in an place anti-bribery policy only 16% were providing anti-bribery training.
But on the issue of corporate hospitality respondents indicated that the act would cause them to change their policies, with 47% saying they were reviewing their approach to major corporate events where hospitality is routinely offered – specifically MIPIM and EXPO.
Rod Fletcher, head of the business crime & regulation team at Russell Jones & Walker, said: “Businesses cannot avoid the rigorous demands of the act – it demands a change in mind set, risk management tools, policies, training and procedures, and these requirements fit squarely into an international context that is less and less accepting of both bribery and systems that fail to guard against the risk of bribery. Business as usual is no longer an option.”
Individuals and companies found guilty of breaching the legislation could face unlimited fines while individuals will be liable for imprisonment for up to 10 years.
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