The United National Global Compact (UNGC) meeting in London recently focused on anti-corruption initiatives globally.  In recognition of the overall cost to business, and wider economy and society of corrupt practices, principle ten of the UNGC is: "Businesses should work against corruption in all its forms, including extortion and bribery."  

At 00.01 this morning, 1 July 2011, illicitly received or gifted golden coaches may well turn into pumpkins, or certainly costly liabilities, as the UK Bribery Act came into force, highlighting the continued global fight against corruption.

Last week the UK Ministry of Justice at last released the Guidance related to the UK Bribery Act 2010.  This guidance outlines procedures which commercial organisations can put into place to prevent persons associated with them from bribing.  As the guidance states victims of bribery not only include firms who lose out due to an unfair playing field, but also more generally governments and society globally pay a cost "undermined by a weakened rule of law and damaged social and economic development".

With the change in UK government in May this year,  many were wondering how the new coalition would deal with the UK Bribery Act which was passed into law in April.  Bribery and corruption are very costly for business – adding an estimated 10%