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Deloitte Survey: UK Bribery Act Remains Unenforced, Business not Worried
June 25, 2012
By Michael Foster, Big4.com Blogger
Less than 10 per cent of people are concerned with their firms could face litigation as a result of the UK Bribery Act, according to a new Deloitte web survey.
Over 1,200 people answered the question, with 57 per cent saying they were not worried at all and 33 per cent saying they didn’t know. The survey was conducted in May 2012 almost a year after the act was first implemented.
Some experts believe the act has not been a major focus for professionals because it has not been enforced. Chris Georgiou, Forensive and Dispute Services Partner at Deloitte, said that the act has been minimally enforced by officials and companies, especially larger ones, can modify their behavior to fit the law. “The bigger the company is, the better ability they have to modify,” he said in an interview with the Wall Street Journal.
Surveyed respondants said that they were aware of the provisions of the act, but remained unconcerned although over half expected greater enforcement of the act in the future.
The survey also uncovered greater worry over the risk of corruption in emerging markets. A total of 49% of respondents said that corruption is a higher concern in emerging markets than last year. “I believe, in that regard, we will see corruption risks in emerging markets increase over the next few years,” Georgiou said.