China has started cracking down on bribery, if recent
changes in the revised Anti-Unfair Competition Law are anything
to go by.
Spearheaded by the State Administration for Industry and
Commerce (SAIC), the law, which came into effect January 1,
aims to maintain fair market competition. Businesses operating
in China should take heed of a number of significant shifts in
policy including an increase in the maximum penalty for
offences, amendments to the definition of who may be a bribery
recipient, as well as potential vicarious liabilities employers
may be held liable for when the line blurs between an
employee’s participation in bribery activities and
an employer’s gain in business opportunities.
One of the key changes in the new revised law is the
dramatic increase in the maximum penalty for offences. The
maximum fine for commercial bribery and misappropriation of
commercial secrets offences has gone...