Proposed Changes To Bribery Act Put Forward

Plans To Amend Section 7 Of Legislation


New proposals which could see organisations fined or blacklisted from contracts across Europe as a result of failing to stop economic crime are being reviewed by the government, according to reports.
The Daily Telegraph states that David Green, the director of the Serious Fraud Office (SFO), has put forward the new measures – which have already been discussed with bodies including the Law Commission – as part of changes to the Bribery Act.
According to the reports, the aim is to bring the UK system more in line with the style of prosecution seen in the US and could have wide-reaching consequences – particularly as any conviction under the legislation would prevent companies from bidding for certain work.
Talking to the newspaper, Mr Green said the change to Section 7 of the Bribery Act would be “a very small amendment”.
He explained: “At the moment it is an offence for a corporate to fail to prevent bribery by its employees with a statutory defence of adequate procedures. I have proposed expanding that to a corporate failing to prevent acts of financial crime by its employees.”
The SFO director added that the “stigma” of the crime would prove to be most important to many organisations.
The Bribery Act received Royal Assent in April 2010 and came into force subsequently in July 2011.