City braces itself for Bribery Act

The City is bracing itself for the introduction of the Bribery Act on Friday.

British business has been concerned by the implications of the new law, fearing that some corporate hospitality could be interpreted as bribes. Any guilty verdict could result in fines or even imprisonment. Philip Urofsky, a partner at legal firm Shearman & Sterling and a former federal prosecutor at the US Department of Justice, said that the law will not cause the confusion that critics have claimed. "We're looking at several years before we see any amount of cases on this statute," he said. The Act was passed last year and received cross-party support.