Bribery Act 2012
The Bribery Act 2012 received Royal Assent on 21 May 2013 and is largely based on the Bribery Act 2010 (of Parliament), which came into force on 1 July 2011.
Bribery and corruption is the single largest hindrance to economic and social development around the world. It is estimated by the World Bank that the cost of corruption is five per cent of GDP ($2.6tn or £1.7tn), with more than $1tn being paid in bribes each year. It distorts markets, stifles economic growth, undermines democracy and the rule of law and creates an uneven playing field in the international business environment. On an ethical level, bribery also reduces public trust and belief in the fair and transparent operation of business and public services.
Bribery and corruption has become increasingly prominent in the media in recent times. During the run-up to the London Olympics last year, it was widely reported that many companies were unnecessarily refusing to accept offers of Olympic tickets amid fears of bribery allegations being levelled against them. A bribery and corruption slur, even if unfounded, can damage business reputation, brand and share price…
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