The Government has accepted the Cole Report’s recommendations and in response will introduce legislation:
- requiring applicants for licences to import or export under United
Nations sanctions to provide information to the Government; criminal
penalties will apply for giving false or misleading information;
- creating a new offence for breaching UN sanctions;
- giving Government agencies the power to obtain evidence about
suspected evasion of sanctions so they can be referred to law
- strengthening laws aimed at bribery of foreign officials; and
- making tax laws consistent with foreign bribery laws.
The penalty for a breach will be up to three times the value of the
offending transaction and up to 10 years’ jail for individuals.