UK Bribery ActThe direction of UK electricity market reform |
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Background
In partnership with the Energy Institute, we are pleased to introduce a series of Energy Briefings designed to provide insightful analysis into key issues within the UK energy industry. The Energy Briefings Series will offer expertise and market intelligence, which we trust, will become a valuable source of information.
UK Bribery Act
On 8 April 2010, the UK Bribery Act, reputed to be among the most stringent anti-corruption legislation in the world became law and is scheduled to come into force on 1 July 2011. The implications for the oil and gas sector are significant and wide ranging. The Bribery Act contains provisions making it illegal to bribe private individuals as well as government officials and perhaps most significantly for corporates, a new offence of failing to prevent bribery. Under this provision the Act holds a company liable for the acts of its employees, agents and other associated third parties without the need to show knowledge or complicity on the part of the company. In other words, companies may be on the hook for the actions of an agent or employee in a foreign country the occurrence of which the company is simply not aware.
Download UK Bribery Act (PDF, 791 KB)
