JLT concerned over level of debate and uncertainty surrounding Act
JLT Specialty Limited's (JLT) directors and officers liability team have welcomed delays to the implementation of the Bribery Act.
JLT partner Kurt Rothmann said: "The Act consolidates the existing common and statute law, and the draft guiding principles issued by the Ministry of Justice are in essence good business practice. However, clear concerns have been voiced around several aspects, including particularly the new offence of failing to prevent bribery and the extra-territorial effect of the Act.
"Not only are companies concerned about the effect of the Act on their competitiveness in emerging markets, UK companies with US exposure may now find themselves having to comply with competing sets of anti-bribery legislation. There is cross-jurisdictional co-operation between US and UK regulatory authorities in relation to US driven investigations for breaches of the FCPA (Foreign and Corrupt Practices Act). Once the Bribery Act is operational, will the UK authorities be seeking to be the lead investigator in relation to UK companies with the aim of levying their own fines and penalties or will they still act in conjunction with the US authorities?"
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