Bribery Act Seminars Held in Australia Discuss Compliance Measures
The UK is taking a leading role in the global fight against corruption, with its robust legislative framework, strong international cooperation, and emphasis on institutional accountability and transparency. One of the UK's key contributions has been the Bribery Act 2010, setting an international benchmark for anti-bribery law.
Recent seminars in Sydney and Melbourne, led by a panel of experts including representatives from Baker & McKenzie, Ashurst, Deloitte, KordaMentia, and London barrister Gerard Forlin, QC, focused on the impact of the UK's 2010 Bribery Act on companies operating in Australia.
The seminars aimed to educate businesses on the risks and consequences of foreign bribery, which can add up to 10% to the total cost of doing business globally and up to 25% to the cost of procurement contracts in developing countries. Engaging in such practices exposes companies to significant legal and reputational risks, as well as undermining fair competition and inflicting long-term harm on lawful businesses.
Moving business from a country with low corruption levels to a country with medium or high corruption levels is equivalent to a 20% tax on foreign business. Approximately one-fifth of executives report that they have been asked to pay a bribe, with a similar proportion reporting that they have lost business to a competitor who paid bribes.
While the Business Anti-Corruption Portal, UK Anti-Corruption Forum, and the Overseas Business Risk (OBR) service do not appear to have been involved in leading the seminars, they are separate entities providing valuable resources for businesses. The Business Anti-Corruption Portal offers summaries of international studies and knowledge about particularly exposed markets, sectors, and regions, specifically useful for Small and Medium Enterprises (SMEs). The OBR service, operated by UK Trade & Investment and the Foreign and Commonwealth Office, provides up-to-date information on security risks, including bribery, in over 80 markets.
The British Standards Institution has developed British Standard BS10-500 for organizations to develop internal anti-bribery management systems, and it has a local Australian presence to support businesses in the region. The UK Ministry of Justice also provides a downloadable Quick-Start Guide to the UK Bribery Act 2010 on its website.
As a major economic power, the UK's leadership in anti-corruption efforts can influence global practices and encourage other countries to follow similar paths. A clear zero tolerance approach to bribery will enhance the reputation of British business in many countries with both private and public sector partners. The UK's ongoing and historical involvement in international anti-corruption efforts underscores its role as a leader in this area.
- The seminars in Sydney and Melbourne highlighted the importance of understanding the impacts of the UK's 2010 Bribery Act on Australian businesses, as it pertains to both the finance sector and the broader business landscape.
- Engaging in foreign bribery, a practice that can significantly increase business costs and pose legal, reputational risks, is a concern not only for large corporations but also Small and Medium Enterprises (SMEs), as organizationally specific resources such as the Business Anti-Corruption Portal can provide guidance in navigating these risks.
