The Bribery Act and the Real Estate Industry
The Bribery Act 2010 (the “Act”) came into force on July 1, 2011, and has serious implications for the real estate industry. The Act has wide extra-territorial reach and will affect both individuals and commercial organizations with a UK connection, even if the act of bribery occurs overseas. For commercial organizations, the scope is even wider—the act in question might take place abroad and by someone who has no connection with the UK, yet can still result in criminal liability for the organization. Convictions for offenses under the Act may lead to 10 years in prison, unlimited fines, confiscation orders, debarment from tendering for government contracts across the EU, disqualification from acting as a director and, of course, serious reputational damage, not to mention the high cost and devastating impact of a protracted and public investigation. Clearly, the Act must be taken very seriously.
In this article, Jonathan Pickworth discusses The Bribery Act 2010 and its implications for the real estate industry.