What’s on the radar for 2011? Corruption and bribery!
According to the Huffington Post, The U.S. Foreign Corrupt Practices Act of 1977 has seen a steady increase in criminal sanctions over recent years. The U.K. Bribery Act will go into effect in the new year. However, the UK Act will be “far more draconian than its American counterpart.”
Who should be wary of the new British legislation? Art dealers!
According to lawyer Pierre Valentin, as quoted by the Art Newspaper, the widespread practice of paying finders’ fees to individuals who bring in new business could constitute bribery under the new Act.
Christopher Battiscombe, director of the Society of London Art Dealers, told the Art Newspaper that firms will have to introduce new training procedures for employees once these guidelines have been published.