The Bribery Act 2012 ensures the Isle of Man adopt the standards which are expected by the international community in tackling bribery and corruption.
As the Isle of Man already has anti-bribery and corruption legislation in the form of the CA 2008, the main practical implication for Organisations is the new corporate offence of failing to prevent bribery, which is a replication of section 7 of the UK’s BA 2010.
Organisations will need to be able to prove that they have adequate procedures (determined by the context) in place to prevent bribery. Arguably, by being required to examine all areas of their operations, Organisations may improve their overall operating efficiency which could reduce their costs in the longer term.