The Commission has written today to all financial services businesses and prescribed businesses in the following terms:
A number of financial services businesses have asked the Commission about the implications of the United Kingdom Bribery Act 2010 to the Bailiwick.
The Act came into force on 1 July 2011. While not directly effective in this jurisdiction, it may nevertheless apply to people in the Bailiwick because of its extra-territorial provisions. These extend the application of the offences under the Act to persons with a close connection to the United Kingdom, “close connection” being widely defined and including all British citizens. Similarly, the strict liability offence of failure on the part of a commercial organisation to prevent bribery under the Act applies to local organisations if they are incorporated or formed in the United Kingdom, or carry on business, or part of their business, there. In all of these cases the location of any alleged offending is irrelevant.
Please note that this information does not constitute legal advice. Anybody with any concerns about the effect of the Bribery Act should seek independent legal advice.