Thai Law Firm Urges Business to Heed New UK Bribery Laws

Thai companies with business dealings or partners in the UK have been warned to comply with tough new anti-bribery laws or risk heavy fines and prison terms. The UK Bribery Act 2010 will take effect from July and while it promises to reinvigorate anti-corruption efforts in Thailand, BSA Law - an international law firm in Thailand - warns firms to carefully review their new responsibilities. End Quote

(1888PressRelease) July 01, 2011 - Bangkok, Thailand - Tough new UK anti-bribery laws are expected to help tackle the entrenched culture of commercial kickbacks and corruption still alive in much of Asia, including Thailand.

Thai law firm BSA Law has specialised in Thai business law for 30 years and knows too well the challenges companies face in getting ahead in a culture where bribes still oil the wheels of business.

This view, shared by many corporate legal services in Thailand, has been echoed by a survey of the top executives in the private sector. The results - published last year by the Thai Institute of Directors Association (IOD) - found 93 percent of respondents believed corruption was 'high'. Seventy-eight percent listed bribery as the most common form of corruption.

Understanding Thai law and new foreign laws is critical for firms operating in a global market.

The UK Bribery Act 2010 - which will take effect from July 1 - has a broad scope and covers activities by British companies and their subsidiaries both at home and abroad. It also extends to foreign companies with UK business dealings.

BSA Law spokesman Apisakde Kongkangwanchoke has advised anyone with a business in Thailand which deals with British firms or has a UK branch to familiarise themselves with the new law.

"Anyone with a business investment in Thailand and the UK needs to be aware of the broad scope of the UK Bribery Act and the penalties it carries, which will potentially be more severe than the US Foreign Corrupt Practices Act."

Mr Kongkangwanchoke said several Thai laws had been enacted to tackle corruption and standards in the public sector and that BSA Law routinely advised clients on Thai business law and closely monitored relevant foreign anti-corruption legislation. Key Thai law and international conventions include:
• The Thai Penal Code, which covers bribery, attempted corruption, abuse of office, extortion and acting as an intermediary where bribes are being offered. This Thailand law does not specify bribery of foreign officials or corruption between businesses;
• The United Nations Convention against Corruption, which covers bribing foreign pubic officers. While Thailand has signed this convention, it has not ratified it.

"Corruption has been regarded as a primary contributor to Thailand's political unrest and widening economic divide between rich and poor. Thai companies with investments and business dealings in the UK - and British firms with subsidiaries in Thailand - would be advised to review both Thai law and the new UK Bribery Act ahead of July 1."

About BSA Law:

For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

For more information please contact:

Jim Byrne
Business Advisor, BSA Law.
Email: jim ( @ ) bsalaw dot co dot th

http://www.bsalaw.co.th

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