The new UK Bribery Act: Its implications for companies in the Mexican oil sector

16

2013

APR
Corporate

Published in Petroleo y Energia magazine in June 2011 (in Spanish).

In July 2011 the UK Bribery Act entered into force further to the UK’s plan to take a leading role in fighting corruption internationally. The act aims at fighting corruption with a view to support business development and create conditions for the free market to flourish. The importance of the act derives from its innovative character, among its key features we may find, inter alia: i) it has extra-territorial effects; ii) it attacks corruption in the private sector; iii) it sets forth sanctions on natural or juridical persons for conducts that may have been performed by third parties; iv) it fosters the implementation of preventive anti-bribery measures by companies; and, v) its implementation is based on principles, such as common sense. This article deals with the potential consequences of this new piece of legislation for international companies operating in the Mexican oil sector.

Posted in Corporate, Oil & Gas.