India’s anti-bribery and anti-corruption (ABAC) regime went through a massive change recently. After years of deliberation, the Indian parliament has enacted the Prevention of Corruption (Amendment) Act, 2018 (Amendment Act), bringing about crucial changes that could really impact the way companies do business in India. Below, we analyse the impact of the recent amendments and explain the measures that companies need to put in place to ensure compliance.
The amendments brought in by the Amendment Act are prospective in nature and take effect from the date the legislation received presidential assent – i.e. July 26, 2018. Hence, companies currently doing business in India need not retrospectively assess their compliance with the requirements introduced by the Amendment Act and shall only be regulated by these provisions prospectively.