In a report into the awareness and impact of the Bribery Act among SMEs, the government said SMEs trading in “less developed” countries, such as in the Middle East, Asia, Africa and South and Central America, are more aware of the Act and (68%) than SMEs exporting to Europe, the US, Australia or other developed regions of the world (56%).
However, in total only 66% of SMEs have “either heard of the Bribery Act 2010 or were aware of its corporate liability for failure to prevent bribery”, the report said. The report found that only about a quarter of SMEs (26%) that were aware of the Bribery Act are also aware of the guidance the Ministry of Justice has issued to help them comply with the requirements of the legislation.
Of the SMEs that had heard of the Bribery Act, 81% were aware that it “encompasses bribery offences committed overseas” and 72% said they believe their company has “sufficient knowledge and understanding to be able to implement adequate anti-bribery procedures”, it said.
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