Survey asks 'How prepared are you for the Bribery Act?'

Companies are being asked to take part in a survey about how they are preparing for Bribery Act, which will be implemented in April 2011.

Law firm Russell Jones & Walker has launched the survey to assess businesses understanding of the act and the measures they have take to prepare for it.

The survey, targeted at key decision makers and executives of SMEs with an annual turnover up to £100m, will be conducted across the finance and banking, media, and property and construction sectors. 

The UK Bribery Act aims to provide a more effective legal framework to combat bribery in the public and private sectors and creates new risks to businesses, especially those operating abroad.

Rod Fletcher, head of the business crime & regulation team at Russell Jones & Walker, said: “The Bribery Act requires businesses to be absolutely confident that they have in place adequate procedures to minimise the risk of corruption.

“The Ministry of Justice has issued draft guidance but many key questions remain as to how the Act should and will be interpreted, not least the circumstances in which corporate hospitality could be viewed as a bribe.

“We believe that the findings of the survey will illustrate what behavioural changes are required to help businesses protect themselves from inadvertently falling foul of the new law.”

This week Ministry of Justice closed its consultation on the draft guidance for the legislation.

The ministry said it had had a good response to the proposals from a diverse range of businesses and that it would be analysing the responses “view to publishing a formal response, alongside the final guidance, early in the New Year.”

A full report of the Russell Jones & Walker survey findings will be available in February 2011. Click on the link to take part in the survey.