UK Bribery Act

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Deferred Prosecution Agreements arrive in the UK

Deferred Prosecution Agreements (“DPAs”), an established part of the legal landscape in the US, have today, 24 February 2014, become available to prosecutors in the UK, thanks to Schedule 17 of the Crime and Courts Act 2013. As we reported previously, DPAs allow commercial organisations (not individuals) to settle allegations of criminal economic activity (for … Continue Reading

Deferred Prosecution Agreements for the UK – pragmatic solution or approach with caution?

Deferred Prosecution Agreements (“DPAs”), an established part of the legal landscape in the US, are inching ever closer to their long-awaited introduction in England and Wales.  After receiving royal assent via the Crime and Courts Act 2013 earlier this year, a draft Code of Practice (“Draft Code”) explaining how the DPA process will operate is … Continue Reading

SFO finally brings first charges under UK Bribery Act

In a press release on its website, the Serious Fraud Office (“SFO”) has announced that it has finally brought its first charges under the Bribery Act 2010. The bribery charges against the three individuals are connected to a wider investigation into a suspected £23 million fraud at Sustainable AgroEnergy plc.  The SFO’s investigation is focussed … Continue Reading

Is the review of UK anti-bribery legislation a sign that the Government’s war on red tape has gone too far?

Special thanks to Squire Patton Boggs Manchester office and particularly trainee solicitor Philip Bonner for preparing the article below. If recent press reports are to be believed, in particular those emanating from the Financial Times (“FT”), the British Government is considering whether to relax the current ban on facilitation payments for small and medium-sized enterprises … Continue Reading

Ministry of Justice confirms that Deferred Prosecution Agreements (“DPAs”) will be introduced in England and Wales

On 23 October 2012, the Ministry of Justice (MoJ) published its response to the consultation paper on DPAs, and confirmed that it will legislate to introduce DPAs in England and Wales.    The Government intends to include an amendment to the Crime and Courts Bill 2012-2013 to introduce DPAs in England and Wales, and it is … Continue Reading

Bribery Act Investigations at Rolls Royce

Rolls-Royce, the world’s second largest aircraft engine maker, made a public announcement on the 6 December 2012 that it has provided information to the Serious Fraud Office (SFO) in relation to bribery and corruption activities that have taken place in Indonesia, China and other undisclosed overseas markets involving its intermediaries. In a statement released through … Continue Reading

Report shows that compliance with OECD Anti-Bribery Convention remains inadequate

Transparency International has recently published its 8th annual progress report on compliance with the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, adopted in 1997, which requires each signatory country to make foreign bribery a crime. In relation to enforcement, of the 37 signatory countries included in the report, (which … Continue Reading

The UK’s Serious Fraud Office (“SFO”) toughens its stance on bribery.

On the 9 October 2012, the SFO reviewed its policies on facilitation payments, business expenditure (hospitality) and corporate self-reporting.  The purpose is to: Restate the SFO’s primary role as an investigator and prosecutor of serious or complex fraud, including corruption; Ensure there is consistency with other UK prosecuting bodies; and Meet certain OECD recommendations. Territorial … Continue Reading

Bribery fears increase as UK businesses encouraged to boost export performance

As part of the UK government’s remodelling of the British economy, UK businesses are being encouraged to widen their export base. Given the intransigent economic problems in the Eurozone, traditionally the UK’s biggest export market, there are sound economic reasons for doing so. George Osborne, the Chancellor of the Exchequer, has championed the role of … Continue Reading

The Importance of Bribery and Corruption Due Diligence in Corporate Transactions

To protect themselves from breaking  the UK Bribery Act and Proceeds of Crime legislation, those involved with corporate transactions (including mergers, acquisitions or investments) need to ensure that transactions do not involve risks of bribery and corruption. The UK’s Serious Fraud Office (SFO), in January 2012, said: “Shareholders and investors in companies are obliged to … Continue Reading

Deferred prosecution agreements in the UK- Consultation now open

Back in May, we reported that the new Director of the SFO had offered support to the US-style deferred prosecution agreements (“DPAs”). DPAs aim to make out-of-court settlements easier by allowing defendant companies to avoid criminal prosecution instead agreeing a series of conditions. These conditions usually including paying a civil penalty, handing back the profits … Continue Reading

UK Bribery Act Fears Lead to Slow Up-Take of Olumpic Hospitality Packages

Like any other major sporting event, the Olympic Games attracts a large number of corporate sponsors. This summer’s Games in London are no different, with 11 long-term sponsors of the Olympics and a further 40 solely sponsoring the London 2012 Games. But with the London Games looming ever closer into view, sponsors and businesses alike … Continue Reading

Second Circuit Confirms Conscious Avoidance Test

On Wednesday, the U.S. Court of Appeals for the Second Circuit upheld Frederic Bourke’s bribery conviction. This decision is the culmination of investigations and court proceedings that began in 2000.  Mr. Bourke, who co-founded handbag maker Dooney & Bourke, was convicted in November 2009 for violations under the FCPA after his business partner Viktor Kozeny … Continue Reading

Bribery Act 2010: consultation on anti-bribery guidance for transactions published by Transparency International UK

As pointed out by Squire Sanders & Dempsey’s Capital Markets Practice Review for July 2011, “on 1 July 2011, the day the Bribery Act 2010, came into force, Transparency International UK published a consultation on its draft anti-bribery guidance for transactions. The draft guidance aims to provide practical help for companies wishing to undertake anti-bribery … Continue Reading

London Insurance Broker Settles FSA Action

Last week, one of London’s oldest insurance brokers, Willis Limited (“Willis”), was fined by the UK Financial Services Authority (“FSA”) for failing to counter the risks of bribery and corruption. The £7 million penalty was handed down to Willis in the FSA’s Final Notice (PDF/80.3KB/24 pages) on 21 July 2011. Conduct From 2005 to 2009, … Continue Reading

Anti-Bribery and Corruption: A Special Report

Thomson Reuters Accelus has recently published a special report (PDF/1.43MB/28 pages) on anti-bribery and corruption and the increased burden on senior management. It is particularly pertinent in light of the Bribery Act 2010 (“Act”) coming into force tomorrow. Among other things, it contains some useful discussion on: sector specific issues and guidance; whether foreign issuers with a London … Continue Reading
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