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…

If you are registered and logged in to the site, click on the link below to read the rest of the Appleby briefing. If not, please register or sign in with your details below. 

Briefings from Appleby

  • Incorporating your business has many advantages

    Incorporation describes the process of forming a new legal entity (a company) that is recognised at law as a separate legal person.

  • Wealth Structuring 20:20 2014

    This feature publication aims to tap into the issues facing high-net-worth individuals around the globe, and investigate the themes and challenges affecting this elite group.

View more briefings from Appleby

Analysis from The Lawyer

  • /v/a/c/offshore.jpg

    Distant shores

    The past quarter has been busy for the offshore sector as firms have looked to capitalise on globalisation, while workflow has remained high

  • /b/s/t/Isle_of_Man_.jpg

    Offshore: Isle of Man - Go Man, go

    Business is booming in the Isle of Man, a small jurisdiction that thinks big

View more analysis from The Lawyer

Overview

1st Floor
3 Copthall Avenue
London
EC2R 7BH
UK
http://www.applebyglobal.com

Total staff: 528
Partners: 64