UK Bribery Act shakes up systems and controls

LONDON – The passing of the Bribery Act 2010 into UK law has created one of the toughest anti-corruption regimes in existence. Firms operating in the UK will no longer be able to make facilitation payments, which are often thinly veiled bribes, and they will be forced to scrutinise their policies on corporate hospitality. More profoundly, the Act will require systems and controls to be put in place – of the type operational risk practitioners should be well acquainted with – to demonstrate