The Albanese Government's landmark legislation to combat foreign bribery and remove barriers to investigations and prosecutions comes into force today.
From today, corporations that fail to prevent foreign bribery face penalties running into the tens of millions of dollars.
Under the Crimes Legislation Amendment (Combatting Foreign Bribery) Act 2024 companies will now be held directly liable for the foreign bribery activities of their employees, external contractors, agents and subsidiaries, unless the business can demonstrate that they had adequate procedures in place.
Foreign bribery is corruption and an insidious problem across the world. It harms communities, impedes economic development and undermines the rule of law.
The Albanese Government has acted where the former Coalition government twice promised action but twice failed to deliver.
Across two Parliaments and over a period of five years the previous government introduced Bills to strengthen the legal framework for prosecuting foreign bribery and on both occasions those Bills were allowed to lapse.
The Albanese Government has no tolerance for corruption of any kind - whether in the public sector or the private sector.
The Combatting Foreign Bribery Act enhances Australia's response to foreign bribery and demonstrates this Government's commitment to combatting foreign bribery and ensuring our laws are effective in detecting, investigating and prosecuting foreign bribery.
