In specifically addressing the potential liability of companies which are party to joint ventures in the way that it has, and identifying the actions such parties should take to enable them to rely on the "adequate procedures" defence, the Guidance appears to have severely restricted the basis upon which the SFO can seek to bring a prosecution against a company which has 'wilfully shut its eyes' to the corrupt activities of its joint venture partner. Is this a further example of the corporate offence being watered down under the guise of providing further clarity?… Continue Reading