The potential consequences of being found guilty of an offence under the soon-to-be-operational Bribery Act 2016 (Act) make it imperative that both individuals and entities are aware of the provisions of the legislation.
The Act, which becomes operational 1 September 2017, applies to all Bermudians, Bermuda residents and entities incorporated or registered in Bermuda. On conviction, individuals can face imprisonment for a term of up to 15 years, or an unlimited fine, or both. Commercial organisations can receive an unlimited fine.
The Act is largely based on the United Kingdom’s Bribery Act 2010 and consolidates various existing anti-corruption laws into one clear international standard for combatting bribery.