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New regulations see surge in legal recruitment

Thursday 04 November 2010 by Gina Le Prevost

A new set of legal requirements could mean people in finance jobs may be looking to recruit specialist lawyers in the near future.

The Law Society Gazette has reported many corporations are hunting for legal professionals for their compliance departments ahead of the implementation of the Bribery Act next April.

Senior client partner at executive search firm Korn/Ferry Simon Hankey is quoted by the publication as saying demand for compliance officers has risen as "companies need to demonstrate that they are meeting the increased regulatory demands upon them".

The new act will make it an offence for businesses to fail to prevent bribery, with executives being criminally liable if they have consented to being involved in a bribe, the news provider said.

Companies can defend themselves if can prove they had "adequate procedures" in place to eliminate any illegal activity.

The Act was finalised in April this year and introduces several new regulations that the government says will "help tackle the threat [this crime] poses to economic progress and development around the world".