Wednesday, 22 December 2010

UK's Serious Fraud Office to offer guidance on corporate hospitality - report - TrustLaw

 LONDON (TrustLaw) – The UK's Serious Fraud Office (SFO) has announced it will provide guidance to companies on what corporate hospitality will be permissible under the new Bribery Act, The Telegraph reported.
The Bribery Act, scheduled to come in to force in March 2011, has caused British corporations to urgently review their interactions with customers, suppliers and agents to ensure compliance with the tough new anti-corruption law.

"Sensible and proportionate expenditure on hospitality will remain perfectly lawful under the Bribery Act when it comes into force," director of the SFO, Richard Alderman, was quoted as saying.
“I understand that businesses want more detailed guidance before attending major sporting events. We will be happy to help by publishing our views."
The SFO is expected to publish its guidance shortly after the Ministry of Justice has published its final guidance on the Bribery Act and the Attorney General has published his guidance to prosecutors.

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