Why should you be concerned?
•The Bribery Act creates a new corporate criminal offence – failing to prevent bribery by an associated person – which applies even to non-Bermuda companies and partnerships that carry on business (or part of a business) in Bermuda.
•There is only one defence to the new corporate offence: the commercial enterprise must prove that it had "adequate procedures" in place, designed to prevent persons associated with it from undertaking acts of bribery.
•The Bribery Act criminalises private-sector bribery and creates a new offence of bribing a foreign public official.
•The Bribery Act goes beyond the US's Foreign Corrupt Practices Act ("FCPA") in a number of ways, so even companies with robust FCPA compliance programmes need to check that those programmes would be viewed as adequate for the purposes of the Bribery Act.Click here for more..
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