The business environment in the UK is challenging and it is also a solid provider of varied investment opportunities for locals and foreigners. To protect the prolific business climate whether in the food industry or in any sector of interest, the authorities continue to improve the legislation related to business crimes. Instead of dealing with legal issues or misunderstandings, it is recommended to have an idea, as a business manager, of the applicable legislation in the UK. Also, a piece of legal advice in the company at the right moment is always a good solution for directors or business owners.
Types of business crimes
Even if the UK legislation is harsh, particularly in the business field where all sorts of crimes can intervene, the authorities are dealing with money laundering, bribery, fraud, market abuse, and corruption. The punishments are severe in the business field and can cut down the trustworthy on the market if food companies or any type of enterprises are implicated in business crimes like the ones mentioned above. Company managers are strongly advised, if they deal with cases of business crimes, to ask for legal assistance and support from defence solicitors, in front of the authorities.
The Fraud Act 2006
The Fraud Act 2006 is an important set of laws in UK which mentions types of crimes like fraud by abuse of position, fraud by failing to disclose information and fraud by false representation, and the penalties for such crimes. Gaining financial advantages through all sorts of illegal methods are strictly forbidden in the UK and are considered business crimes for which penalties and imprisonment can be imposed.
The Bribery Act 2010
Another important set of laws in the UK is the Bribery Act 2010 that provides information about the business risks and the penalties involved. Bribery is a serious crime in the UK, and the penalties are in accordance. It is recommended for company owners, senior buyers or managers to have a clear idea about what bribery means and about how anti-bribery regulations can be implemented and respected.
Other important laws in UK
Besides the Bribery Act 2010 and the Fraud Act 2006, the business persons should respect the provisions stipulated by the Enterprise Act 2002, Serious Organized Crime Act 2005 and the Criminal Finances Act 2017. Business owners should strongly consider what the regulatory risks are when involving activities, regardless of the chosen industry in UK.