A recent report about the awareness and impact of the Bribery Act 2010 among smaller firms published by the Ministry of Justice (MoJ) and the Department for Business (BIS) reveals that a third of smaller firms have either not heard of the Bribery Act or are unaware of their liability for the failure to prevent bribery.
The report goes on to say that only 26 per cent of smaller firms who knew about the Act were aware of the compliance guidance which is available from the MoJ. Of these firms 72 per cent believed they had sufficient knowledge to be able to introduce anti-bribery procedures while 42 per cent had bribery prevention procedures in place.
Bribery risks are more common among small and medium-sized firms who export to less developed countries. Of those firms who exported to countries such as China, 59 per cent had bribery prevention procedures in place.
Firms of all sizes are caught under the legislation and it is imperative that company directors are aware of their responsibilities and have suitable robust systems and procedures in place to ensure compliance. For more information or assistance contact you local Burgis & Bullock office on 0845 177 5500 or contact us on-line.