Media bosses could face 10 years inside with new bribery laws
The media and marketing industry relies on discounts and deals being done, but the new Bribery Act 2010 could mean companies winning business through discounts or corporate hospitality could face unlimited fines and even jail.
The new Bribery Act 2010 comes into force later this year and according to lawyers is set to transform the rules by which businesses can seek to influence or curry favour with the clients and customers that they work with.
This new legislation could strike at the very heart of the media and marketing industry, and other people-led service industries, where discounts, deals and 'sweeteners' play a large part in oiling the wheels of business.
It is believed that the new legislation, which received cross-party support as it passed through Parliament, aims to strike at what is seen as the ugly side of doing business in the 21st Century, a time when cost plays such a large part in buying decisions. Research shows that worldwide there is around $4 billion worth of bribes offered annually
The new legislation introduces a range of new categories of offences, which will see anyone found to have offered, promised, paid, requested, agreed to or received a bribe open for prosecution.
The penalties will be harsh - any individual found guilty could face an unlimited fine or up to ten years imprisonment.
Colin Hulme, a lawyer with Glasgow law firm Burness, said: "The Act introduces a brave new world and the repercussions could be much wider than Parliament intended."
If you have ever lost out on business as a consequence of what could be termed a 'bribe' let us know in the comments section below. (For legal reasons, don't mention any names please.)
The 23 July issue The Drum will carry advice on how to protect your business against this new legislation. To subscribe click here.