Small companies have been worried that the New Bribery Act which came into force on the 1st of July will have a huge negative impact on their business. The Act makes it a criminal offence for failing to prevent staff from receiving or offering bribes and even more worrying, individual directors will be held liable for such actions.
The Serious Fraud Office (SFO) chief, Richard Alderman, however, has revealed that small businesses will not be pursued with this act. Richard Alderman confirmed that the focus will be on large companies, with smaller companies dealt with in non-punitive ways. In addition to the larger sized businesses, foreign companies operating from the UK will also be targeted.
This confirmation will help to dispel fears as SMEs have been speculating on the impact of the new legislation.
A little less ‘red tape’ for this fragile sector as they struggle with an already wide range of legal and regulatory obligations.
For specialist Interim Management support (Parental leave cover, Sickness cover, Charity support and Project support)up to MD/ CEO level, please contact us at www.imtb.uk.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment