06/12/2010
British businesses are being warned about the risks of falling foul of new anti-bribery rules which will come into force next year.
As reported by Recruiter, the warning comes from expert accountant Helen Besant-Roberts, who urged businesses to re-evaluate their practises before the rules are applied in April.
The Bribery Act means that any businesses which give gifts, offer hospitality days or any form of inducement could be at risk of breaking the rules aimed at preventing businesses from bribing anyone.
"Businesses will be placed under a whole new level of scrutiny," explained Ms Besant-Roberts. "Not acting could result in hefty fines and, in extreme cases, a prison sentence. Next year directors will have to give careful thought before they offer that golf trip or send a case of champagne for Christmas."
"Any company carrying out business in the UK can face charges of misconduct taking place anywhere in the world," she added. "This is why, as the New Year approaches, we are getting more and more requests for guidance."
The Bribery Act will bring with it questions about how to attract new business through methods other than hospitality days, for example. As a result, businesses will need to focus on other activities, such as boosting their PR and marketing campaigns to raise awareness of their brand, for example. These aren't the cheapest ways to boost business, but they deliver significant results in the long term.
Any company who wants to attract clients without fear of falling foul of the Bribery Act should consider invoice factoring or similar finance methods to generate the cash to invest in generating new business in more reputable, and legal, ways.
Laura Nineham