Legal Aspects of Business: Bribery and Corruption

Legal aspects of business

Contents
INTRODUCTION:......................................................................................................................................3
CONCLUSION...........................................................................................................................................5
REFERENCES............................................................................................................................................6

INTRODUCTION
Bribery is an illegal act which comes under corruption and is defined by the black’s law
dictionary as asking, giving, receiving of anything of value to attract the actions of an official or
some other person in charge of public or legal duty. A bribe is an unethical or illegal or wrong
gift of effort to influence the withdrawers conduct. It might be the money, goods, rights in
actions, property, objects of values or a promise to influence the action of a person in an official
or public capacity. The bribery act 2010 is an illegal act of parliament of UK that emphasizes on
the criminal law which are related to bribery. In 2009 this act was introduced in parliament I in
queen’s speech after few reports and bills, this act was approved by the royal assent on 8 april
2010 following the cross party support. This is an act which is established in order to make
provisions about the offences related to bribery and for the related purposes. It was introduced by
jack straw. The penalties for pursuing a crime within this act are maximum of 10 years of
imprisonment in addition with an unlimited fine. It has been considered as the toughest anti-
corruption legislation in the world.( Alldridge,2012)
1. The hospitality provided by G ltd for guests at Cheltenham festival event might make it
criminally liable for bribery as these companies are hosting extravagant events along with
their competitors to avoid losing the business to them. The government can take actions
to fight against corruption like bribery as the laws enforced should be effective enough to
make sure that the corrupt are punished. The appeals for successful enforcements are
supported by a strong legal framework, branches of law enforcement and effective court
system. The administrates making efforts in improving the financial management and
making the auditing agencies stronger in many countries have had a greater impact than
the public sector and in reducing the corruption. These events are highly expensive,
excessive and over the top. It also promotes goods and services using corporate
entertainment and these companies have hired a private box hospitality suite at 2020
cheltenham festival in order to meet and greet UK customers. In this meet and greet a
four course meal was also served as well as the afternoon tea. It also allows the guests to
access to a free private bar and could place their bets with this grand meet and greet it
increases the risk for bribery. It is an illegal act which can take place in the event and