THE UK200GROUP of independent accountancy and legal firms has attacked the new Bribery Act that came into force today.
David Ingall of accountants JWPCreers said: “The only real effect will be to entangle businesses in even more red tape. The objectives are worthy but there are potential penalties for non-compliance.”
The legislation makes it illegal to accept or offer bribes; companies are required to have a system in place to prevent them and individual directors are now liable should such acts occur.
Guilty parties are subject to an unlimited fine and up to 10 years in prison for offences committed both domestically and internationally.
Ingall continued: “For those trading with countries where such things are rife, it must be a nightmare. While not approving of bribery, it does mean that our exporters are once again competing with one hand tied behind their backs.”