The British Bribery Act of 2010, which went into effect on July 1, 2011 after much delay and controversy, is now widely viewed as the world’s most stringent anti-corruption legislation. With its wide extra-territorial reach and introduction of a broad new corporate offense for failure to prevent bribery, it exceeds even the reach of the U.S. Foreign Corrupt Practices Act of 1977 (FCPA), which had previously established the international benchmark for statutes directed at bribery of foreign officials.
The impact of the British Bribery Act on U.S. companies remains to be seen.1 Given its reach, however, U.S. companies with any dealings in the U.K. must be aware of the new law and enhance their compliance in accordance with the guidance issued under it. The U.K. Serious Fraud Office has indicated that it has 50 bribery investigations underway at present, and that it is looking at overseas companies in particular. Companies in the defense, aerospace, construction, engineering and financial services sectors have come under particular scrutiny.
Pre-Existing Framework
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