As the UK Bribery Act marked its 10th anniversary, Compliance Week assessed the legislation and its enforcement in a July 14, 2021, article that quoted McGuireWoods London partner Francesca Titus. At the time of enactment, the law was considered “the gold standard” for anti-bribery legislation, but views are mixed on how it has fared.
A lack of convictions — just five cases have made it to court since 2011 — and greater fear of the U.S. Foreign Corrupt Practices Act make the UK Bribery Act appear ineffectual, yet its impact on corporate compliance is undeniable, the article noted.
“Arguably, the biggest success of the Act is it has transformed the way businesses approach compliance and has influenced commercial practices for the better,” said Titus.
“Organizations have had to consider if they have ‘adequate procedures’ in place to prevent bribery by their employees or agents,” Titus added. “This has led to a fundamental shift in behaviors, requiring positive action to ensure companies act with integrity.”