By Linda Hall • 08 June 2023 • 14:00
ILLEGAL CARTELS: Britain’s CMA will pay for information
Photo credit: Pixabay/elbgau
THE UK’s Competition and Markets Authority (CMA) is stepping up its enforcement work against illegal cartels.
These are businesses which cheat customers by agreeing not to compete in order to keep prices high, stopping the public and other firms from getting a fair deal and also stifling competition.
People who tell the CMA about unlawful cartel activity they have witnessed can now claim a reward of up to £250,000 (€290,308), increased from £100,000 (€116,134).
“Businesses that participate in cartels, knowing them to be illegal, often go to great lengths to keep the cartel hidden and secret,” the CMA said.
“This makes them difficult to detect and harder to bring eliminate.”
The CMA’s ‘Cheating or Competing’ campaign has advice for people and businesses to help them spot, report and deter illegal anti-competitive practices. It encourages those who have witnessed illegal activity to report it by protecting their anonymity as well as offering a reward.
Businesses found to have been involved in illegal cartels can be fined up to 10 per cent of their annual turnover. Individuals directly involved can face up to five years in prison, while company directors risk disqualification from holding directorial positions for up to 15 years.
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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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