Bribery and Corruption Flashcards
Definition of bribery and corruption
giving or receiving of something of value to influence a transaction - SFO
sections of Bribery act 2010
s1,s2,s6,s7(corporate liability)
how much is estimated in bribery each year
$30tn
UK bribery laws
reform began with law commission report 1998. corruption bill rejected
Financial and regulatory institutions
SFO and FCA
what do the SFO do
enforce criminal offences relating to bribery
what do FCA do
authorise and regulate firms to comply with its anti bribery provisions as outlined in their handbook of practice. imposes financial penalties, s206(1) financial services and markets act 2001
Wills limited case (july 2011)
fined 6.8m for weakness in its anti bribery provisions
future recommendations
BA2010 significant development as it updates uk law,
Overlapping of remit between SFO and FCA, budgetary constraints of SFO
yang li
failing student bribed professor 5k. 12 months imprisonment
Mawia Mushtaq
failed taxi driving test, offered bribe, reported and prosecuted
