Wider enforcement of the Bribery Act
- 17 Feb 2014
UK Serious Fraud Office director David Green has proposed an amendment to the Bribery Act that would expand the law’s coverage and lead to the possible blacklisting of companies. His proposal would widen the Bribery Act’s ‘failure to prevent bribery’ language to include a failure to prevent all acts of financial crime. Companies and banks could be barred from participating in public contracts across the European Union. International financial institutions have successfully used blacklisting for companies found guilty of corruption – the World Bank in the 12 months to August 2013 debarred 307 entities ranging from major multinationals (for example SNC-Lavalin in April 2013 for ten years) to smaller firms and individual consultants.
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