Dealing With Bungs, Bribes And Brown Paper Bags When Trading Internationally

There are differing views from many interest groups as to whether the Bribery Act should come into force or be scrapped with arguments that the Act will hinder the competitiveness of UK businesses abroad (similar to the complaints lodged by US companies following the passage of the FCPA in 1977). Many companies have been left bewildered as to whether the Act will affect them and what, if anything, they should be doing. However, with the release of the Guidance now due tomorrow (30 March 2011), companies must now move forward with plans and use the next couple of months to ensure they are fully prepared for when the Act comes into force.

Businesses from the West Midlands will be given an insight into what impact the Bribery Act will have on businesses the later this month at an event delivered by the Midlands World Trade Forum in partnership with law firm Squire Sanders Hammonds.

The Bribery Act will be applicable throughout the UK, and it will have a definite impact on West Midlands businesses trading both here and abroad and on foreign companies trading in the UK. A failure to comply with the new requirements of the Act can result in unlimited fines and the imprisonment of individuals, as well as the inevitable irreversible reputational and commercial damage.

The free seminar will discuss what steps West Midlands Exporters should be taking in respect of their existing procedures including consideration as to whether such policies can be modified or whether an overhaul of procedures is needed. This is an opportunity for businesses to critically appraise how they work with contractors, distributors, agents and intermediaries and consider whether they are minimising their risks of bribery taking place within their business for which the business and directors could be held responsible.

Amanda Beaton, of Squire Sanders Hammonds, said: “Although there has been a delay in the Act’s implementation, with the imminent release of the Guidance companies now need to move forward their compliance programs to ensure they do not fall foul of the Act.”

As well as outlining the key legal changes being brought in the by the Act, Expert speakers will discuss the new duties introduced by the Act and focus on the practical steps which midlands businesses can take to minimise their risks and ensure they are ready for the Act when it comes into force later this year.

Karen Mercer-West, of the MWTF, said: “This is one of the many ways that we in the Forum are joining with partners in the business community to deliver benefits to Midlands Exporters to enhance their International Trade Strategies”
Karen went on, “The experts speaking at this event will provide attendees with not only up to date information on this important Act but practical advice about what they need to do in their organisations.”

The event takes place at 8.00am - 10.00am, Wednesday 6th April 2011 at Squire Sanders Hammonds, Rutland House, 148 Edmund Street, Birmingham, B3 2JR. To reserve a place, use the contact details below