Businesses ‘must prepare’ for Bribery Act

BUSINESS advisers Grant Thornton is calling on businesses across the North West to implement measures to ensure that they do not fall foul of the Bribery Act.

New research has discovered that 76% of senior executives have not financially invested in  anti-corruption strategies with only 12% spending more than £500 on preparing for the new Bribery Act.

Grant Thornton says that this leaves many UK companies at unnecessary risk of the act’s harsh penalties which could see ‘senior officers’ facing personal criminal liability for others’ offences.

Rob Hampson, associate director of Grant Thornton’s Manchester office, said: “Now is the time for organisations to implement procedures to show that they have taken measures to stop corruption.

“It is essential that they have fraud and corruption policies in place as well as a code of conduct which all staff know about.

“But the most important thing is to ensure that anti-corruption policies are embedded with an organisation.

“This is the first time that managers will face responsibility for others’ criminal acts – and there is the potential for it to result in an unlimited fine.”