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Johannesburg - Many South African companies have not familiarised themselves with the details of the UK's Bribery Act and are unaware of the implications of this new legislation could have on their businesses, according to professional services firm PricewaterhouseCoopers (PwC).
PwC says that as one of the toughest anti-bribery acts in existence, South African companies can't simply ignore this legislation as they might find themselves on the wrong side of the law.
Companies registered in the UK are facing three potential offences. A general offence of offering or receiving bribes, a specific offence of bribing or receiving bribes and an offence on failing to prevent bribery. However, these rules are not only aimed at UK companies.
Corporate entities which are not registered in the UK but which do business in the UK can also be charged with the offence of negligently failing to prevent bribery on their behalf.
Equally, British citizens or ordinary residents in the UK can be charged with offering or receiving bribes and, with bribing a public official.
Maadian Botha, Advisory Partner from PwC says: “It doesn't matter where in the world these offences are committed, corporates and individuals who have dealings in the UK will be subject to comply with the legislation. For this reason, it is vitally important for South African organisations to establish adequate processes and procedures for compliance with anti-bribery legislation.”
The penalties for being found guilty of committing any bribery offence could see the offending party face unlimited fines or even be disbarred from tendering for government contracts. In addition, individuals could face a maximum 10 year prison sentence. This includes senior officers of companies held liable for their consent to corrupt activities.
