The Isle of Man Bribery Act 2013 — now in force
The Bribery Act 2013 (BA 2013) came into force on Monday 16 December 2013 and it is largely based on the Bribery Act 2010 (of Parliament) (the BA 2010), 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 [£1.59tn]) 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 have 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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