The Bribery Act updates the existing UK laws on bribery offences and also creates some new ones, including the strict liability corporate offence of ‘failing to prevent bribery’. Helpfully, however, the Government’s guidance published in support of the Act recommends certain risk-based procedures that commercial organisations should put in place to avoid being caught out by the new corporate offence.
Bribery occurs when someone offers, seeks or accepts a payment, gift or favour that influences a business outcome improperly. Designed to reform the criminal law of bribery, the 2010 Act covers the offences of bribing another person and accepting a bribe. It also expands the law to create a new offence for commercial organisations of failing to prevent bribery by associated persons acting on the organisation’s behalf anywhere in the world.
Get it wrong and the penalties are severe. Organisations prosecuted for the new corporate offence which have failed to implement a programme designed to prevent bribery could be hit with an unlimited fine and serious reputational damage. Directors, senior managers, the company secretary or other similar officers at these organisations can also face a 10-year prison sentence and/or an unlimited fine for offences under the Act. With the Act now in force, it is crucial for businesses to avoid falling foul of the new legislation.
Wragge & Co’s experts are on hand to guide organisations through the new rules and to advise on how best to mitigate the risks posed by them. In this guide they provide answers to the burning Bribery Act questions, plus useful points to consider when assessing risk. Finally, for those with an anti-bribery policy now in place, take a look at our handy checklist to identify any potential loopholes.
Commonalities, money laundering, ethics, international standards, gac 2 24-14ACFCS
This document provides a summary of a presentation on preparing for the CFCS (Certified Financial Crime Specialist) examination. It discusses several topics that will be covered on the exam, including money laundering, ethics, and international standards related to anti-financial crime. The presentation notes that money laundering is a common element of all financial crimes and involves placement, layering, and integration stages. It also emphasizes the importance of compliance programs and understanding customer activity. Regarding ethics, it highlights the duties of client care and avoiding conflicts of interest. Finally, it reviews several international standards organizations that set policies for anti-corruption, anti-money laundering, and tax cooperation.
The Foreign Corrupt Practices Act (FCPA) of 1977 prohibits bribery of foreign officials and requires compliance and transparency in financial record keeping. It was enacted in response to corrupt practices by some U.S. companies. The FCPA is jointly enforced by the Department of Justice and Securities and Exchange Commission. It applies to any U.S. person or company and also foreign companies listed on U.S. stock exchanges. Violations of the FCPA can result in severe civil and criminal penalties for both companies and individuals.
Bribery and corruption - where is it on your agenda?
French Trade Commission Group
19 April 2012
Lewis Rangott
Ernst & Young
Plus de contenu sur http://australie.cnccef.org
OBJECTIVE
Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. Recently on 21st February, 2020, it released a publication titled "Jurisdictions under Increased Monitoring" which included countries in the "Grey List". Among others, Mauritius was one of the jurisdictions in the said list. In this webinar, we shall be discussing the reasons behind the inclusion of Mauritius in such list and analyse the consequence of such inclusion.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
Riskpro is an operational risk management consulting firm with offices in Mumbai, Delhi, and Bangalore. It aims to provide integrated risk management solutions to mid-large sized companies in India. Riskpro's team has over 200 years of cumulative experience in risk management. It offers a variety of services including Basel II/III advisory, operational risk consulting, risk training, and recruitment of risk professionals.
Operational Risk Management under BASEL eraTreat Risk
Operational risk have always ignored by Banks as they thought Credit and market risks can cause catastrophe. But history of misfortunes taught us different lessons. Controls and internal audit have long been construed as guard till BASEL II dictates forced banks to look with insight. Understand the dimension of ORM in this presentation.
Best Practices for Anti-Bribery and Anti-Corruption (ABAC) ComplianceWinston & Strawn LLP
Winston & Strawn hosted a webinar titled “Best Practices for Anti-Bribery and Anti-Corruption (ABAC) Compliance.”
The interactive webinar focused on the following ABAC compliance topics:
- Anti-bribery and anti-corruption authorities
- Essential elements of a comprehensive and effective compliance program
- Implementing your compliance program in real-world scenarios
- Problem management and escalation protocol
Commonalities, money laundering, ethics, international standards, gac 2 24-14ACFCS
This document provides a summary of a presentation on preparing for the CFCS (Certified Financial Crime Specialist) examination. It discusses several topics that will be covered on the exam, including money laundering, ethics, and international standards related to anti-financial crime. The presentation notes that money laundering is a common element of all financial crimes and involves placement, layering, and integration stages. It also emphasizes the importance of compliance programs and understanding customer activity. Regarding ethics, it highlights the duties of client care and avoiding conflicts of interest. Finally, it reviews several international standards organizations that set policies for anti-corruption, anti-money laundering, and tax cooperation.
The Foreign Corrupt Practices Act (FCPA) of 1977 prohibits bribery of foreign officials and requires compliance and transparency in financial record keeping. It was enacted in response to corrupt practices by some U.S. companies. The FCPA is jointly enforced by the Department of Justice and Securities and Exchange Commission. It applies to any U.S. person or company and also foreign companies listed on U.S. stock exchanges. Violations of the FCPA can result in severe civil and criminal penalties for both companies and individuals.
Bribery and corruption - where is it on your agenda?
French Trade Commission Group
19 April 2012
Lewis Rangott
Ernst & Young
Plus de contenu sur http://australie.cnccef.org
OBJECTIVE
Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. Recently on 21st February, 2020, it released a publication titled "Jurisdictions under Increased Monitoring" which included countries in the "Grey List". Among others, Mauritius was one of the jurisdictions in the said list. In this webinar, we shall be discussing the reasons behind the inclusion of Mauritius in such list and analyse the consequence of such inclusion.
With a zero tolerance level in Money Laundering and associated large regulatory penalties for non compliance, Banks and other Financial Institutes are spending immense time, effort and money to achieve compliance. Needless to say, it is still not enough. The Black Swan can enter into any Financial Institute’s Branch on any given day and sting the Bank by surprise.
The implementation of a formal and a structured AML Mitigation and oversight system and processes that effectively identify, assess, and manage such risk within acceptable levels is a challenge. Therefore, awareness about the menace of money laundering and thorough understanding of the antimony laundering process and its current trends at all levels of staff of a bank/FI are ever growing necessities.
Awaiting your valuable nominations/enquiries to make the programs mutually beneficial and successful. Please email manoj.jain@riskpro.in or contact at 98337 67114 for more details.
Program Highlights
Let the experts guide you on the best practices in Anti Money Laundering
Perspective from RBI, FIU- IND, Income Tax and more
Global regulations around AML/KYC
Indian regulations and latest reforms
How to avoid any kind of surprises
Linking AML compliance to Reputation Risk, Social Media Risk
Dodd Frank Act, US Patriot Act
What it takes to say “NO” to profitable and abundant business
Speakers and Panelist
Guest speakers from Regulatory Authorities
Risk Management and Banking Experts
Manoj Jain, Director and Co Founder, Riskpro India
Hemant Seigell, Director, Riskpro India
R Muralidharan, ex DGM - Risk Management, Bank of Maharashtra
Hemlatha Mohan, ex Country Head ORM, ING Vysya Bank
Prasanna Rath, ex Head of Risk, TAIB Bank, Bahrain
Prominent AML experts as panelist
Riskpro is an operational risk management consulting firm with offices in Mumbai, Delhi, and Bangalore. It aims to provide integrated risk management solutions to mid-large sized companies in India. Riskpro's team has over 200 years of cumulative experience in risk management. It offers a variety of services including Basel II/III advisory, operational risk consulting, risk training, and recruitment of risk professionals.
Operational Risk Management under BASEL eraTreat Risk
Operational risk have always ignored by Banks as they thought Credit and market risks can cause catastrophe. But history of misfortunes taught us different lessons. Controls and internal audit have long been construed as guard till BASEL II dictates forced banks to look with insight. Understand the dimension of ORM in this presentation.
Best Practices for Anti-Bribery and Anti-Corruption (ABAC) ComplianceWinston & Strawn LLP
Winston & Strawn hosted a webinar titled “Best Practices for Anti-Bribery and Anti-Corruption (ABAC) Compliance.”
The interactive webinar focused on the following ABAC compliance topics:
- Anti-bribery and anti-corruption authorities
- Essential elements of a comprehensive and effective compliance program
- Implementing your compliance program in real-world scenarios
- Problem management and escalation protocol
Operational risk management and measurementRahmat Mulyana
a short description in mixed English and Bahasa Indonesia on Operational Risk Management and Measurement, in particular value at risk calculation using Monte carlo Simulation. Another method using EVT (Extree Value Theory) will be delivered shortly. regards
Key Steps to Creating a Strong Compliance Culture Through Effective LeadershipEthisphere
This document summarizes a presentation on creating an effective compliance culture through leadership. It discusses how US and global guidelines emphasize the importance of strong leadership and culture. Recent enforcement actions have faulted companies for lack of oversight and failing to address misconduct. The presentation outlines best practices for compliance leaders, including engaging the board, collaborating with senior management, implementing incentives, and developing a strategic communications plan to push the compliance message throughout the organization.
This document discusses operational risk management. It begins by defining risk management and the types of risks, including operational risk. It then discusses why operational risk management is important, highlighting some significant operational risk events. It describes tools for identifying and monitoring operational risk, such as loss data collection, risk and control self-assessments, and key risk indicators. It also discusses approaches for measuring operational risk capital requirements under Basel II and III, including the basic indicator approach, standardized approach, and advanced measurement approach. Finally, it notes some challenges in measuring operational risk and ways to mitigate and control operational risk exposures.
Narcotics Division (ND) of the Hong Kong Police Force is
responsible for combating drug trafficking and investigating
money laundering offences related to drug trafficking.
3.31 The Joint Financial Intelligence Unit (JFIU) is a multi-agency
unit comprising officers from the Hong Kong Police Force,
Customs and Excise Department and the Immigration
Department. It is responsible for receiving, analysing and
disseminating financial intelligence and suspicious
transaction reports to assist law enforcement agencies in
combating money laundering, terrorist financing and other
serious crimes.
3.32 The JFIU is the central authority in Hong Kong to receive
suspicious transaction reports from financial
Financial institutions play a key role in detecting, preventing, and controlling money laundering and terrorism financing through continuous monitoring of customer relationships and timely reporting of suspicious activities. They must follow know-your-customer procedures and report currency transactions, funds transfers, and other activity to the Financial Crimes Enforcement Network. This helps law enforcement maintain security and integrity in the global financial system.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
This document discusses enterprise risk management (ERM). It provides definitions of ERM, outlines its conceptual roots dating back to the 1970s-1990s, and describes what ERM is and how it can provide a framework for risk management. The document also discusses key aspects of ERM implementation including risk, uncertainty, risk attitudes, risk management processes and steps, and tools and techniques for risk assessment.
The document discusses the importance and benefits of implementing an effective compliance program at a health care organization. It outlines the key elements that should be included in a comprehensive compliance program, such as policies and procedures, oversight, education and training, auditing, reporting, and enforcement. An effective compliance program can help communicate an organization's commitment to ethics, prevent fines and penalties, and protect from liability. It is essential for health care providers to follow guidelines from the Office of Inspector General.
The document provides guidance on implementing FATF recommendations regarding politically exposed persons (PEPs). It defines PEPs as individuals entrusted with prominent public functions, and distinguishes between foreign, domestic, and international organization PEPs. It outlines a three step process for financial institutions: (1) implement customer due diligence, (2) determine if a customer is a PEP, and (3) take risk-based measures, which involve enhanced due diligence for foreign PEPs and those domestic/international PEPs deemed high risk. The guidance aims to help effectively implement PEP recommendations while avoiding potential misuse of the financial system.
This document provides an introduction to fraud, including definitions, types of fraud, who can commit fraud, potential triggers of fraud, reasons for fraud, and impacts of fraud. It defines fraud as any dishonest act or omission intended to gain advantage. Common types of fraud include cheating, forgery, misappropriation, and fraudulent transactions. Employees, customers, and outsiders can all perpetrate fraud. Triggers may include lifestyle changes or high-risk transactions. Fraud is often committed due to financial problems, knowledge of weaknesses, and rationalization. Impacts include financial, regulatory, and reputational risks for institutions, as well as punishments for individuals.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
We show you the methodology for conducting the Compliance Risk Assessment and how to provide meaningful action plans.
E-book: How to manage Anti-Money Laundering and Counter Financing of Terroris...Jitske de Bruijne
Financial Institutions continue to face heightened fines and regulatory scrutiny over their AML/CFT Programs. This e-book helps you to manage AML/CFT Programs.
Operational risk is the risk of loss from failed internal processes, people, systems or external events. It is embedded in all bank activities and processes. Major types of operational risk include internal and external fraud, workplace issues, damage to physical assets, business disruptions, client/product issues, and legal risks. Common operational risk events in banking include losses from internal fraud, external fraud, improper sales practices, physical damage, system failures, and failed transaction processing. The document outlines approaches for quantifying and measuring operational risk, including the Basic Indicator Approach, Standardized Approach, and Advanced Measurement Approach. The Advanced Measurement Approach, which uses internal loss data and assessment methods, is most beneficial for banks.
This document provides an overview of anti-money laundering (AML) practices. It discusses the stages of money laundering, including placement, layering, and integration. It covers key AML concepts like know-your-customer procedures, suspicious activity reporting, and the role of regulatory bodies like the Financial Action Task Force in establishing international AML standards. The document is intended to help participants understand AML definitions, pillars, risks, and compliance responsibilities.
Money Laundering and Terrorist Financing in a Nutshell: Chapter OneMd. Moulude Hossain
Money laundering and terrorist financing guidelines have evolved over time through various international conventions and organizations seeking to combat these financial crimes (1). Key events included the 1988 UN Drug Trafficking Convention and the 1989 Financial Action Task Force on money laundering (2). Guidelines also evolved at the national level, such as Bangladesh's first anti-money laundering law passed in 2002 (3). Proper policies, procedures and programs are needed by financial institutions to comply with regulations and mitigate risks, starting with an overarching AML/CTF policy endorsed at the highest levels.
This document provides an overview of an anti-money laundering (AML) compliance program. It discusses the key elements of an effective AML compliance program, including senior management oversight, policies and procedures, IT systems, training, record keeping, compliance reviews, independent assessments, and audits. It also outlines some of the professional challenges facing AML compliance officers, such as evolving regulatory requirements and balancing the needs of operations, regulators, and law enforcement.
This document discusses international corporate governance, focusing on the UK's "comply or explain" system and comparing it to China's system. It notes that while the UK system provides flexibility, it has weaknesses like lack of compliance and unclear guidance on director duties. The "comply or explain" approach has received praise but questions remain about ensuring best practices are followed. China's system is also analyzed, looking at reforms and loopholes. Overall the document provides a critical analysis of both the UK and Chinese corporate governance systems.
ISO 37001 is the international standard for anti-bribery management systems. Included in the ISO are elements which can be used to improved procurement governance and prevent corruption. Other instruments including AI and blockchain are also mentioned briefly.
The document provides an overview of an operational risk course. The course objectives are to introduce key aspects of operational risk, including definitions, importance of control and quantification, and regulatory frameworks. It outlines course modules that will cover topics such as risk identification, measurement, management tools, and case studies. It also summarizes perspectives on operational risk from industry practitioners, including approaches to improving financial performance and creating a "no surprise" environment through better risk management.
The document provides an overview of the UK Bribery Act 2010 and guidance on developing procedures to prevent bribery. It discusses the key provisions and offenses under the Act, including offering or paying bribes, failure of a commercial organization to prevent bribery, and bribery of foreign officials. It also summarizes guidance from the Ministry of Justice on conducting risk assessments and implementing adequate anti-bribery procedures proportionate to the risks businesses face. Case examples are provided to illustrate the types of conduct that could be prosecuted and applicable penalties.
The Bribery Act 2010 gained Royal Assent on 8 April 2010 and represents the most significant change in the UK government’s approach to tackling bribery and corruption for over 100 years. The Bribery Act 2010 replaces outdated legislation, bringing the UK in line with the OECD AntiBribery Convention and aims to make the UK a better place for conducting business.
The primary focus for companies is the new offence of failure by a commercial organisation to prevent bribery. All offences carry a maximum prison sentence of 10 years, with the exception of the offence relating to failure to prevent bribery, which carries an unlimited fine.
Where a director is convicted of bribery, they may also be disqualified from holding a director position for up to 15 years
Operational risk management and measurementRahmat Mulyana
a short description in mixed English and Bahasa Indonesia on Operational Risk Management and Measurement, in particular value at risk calculation using Monte carlo Simulation. Another method using EVT (Extree Value Theory) will be delivered shortly. regards
Key Steps to Creating a Strong Compliance Culture Through Effective LeadershipEthisphere
This document summarizes a presentation on creating an effective compliance culture through leadership. It discusses how US and global guidelines emphasize the importance of strong leadership and culture. Recent enforcement actions have faulted companies for lack of oversight and failing to address misconduct. The presentation outlines best practices for compliance leaders, including engaging the board, collaborating with senior management, implementing incentives, and developing a strategic communications plan to push the compliance message throughout the organization.
This document discusses operational risk management. It begins by defining risk management and the types of risks, including operational risk. It then discusses why operational risk management is important, highlighting some significant operational risk events. It describes tools for identifying and monitoring operational risk, such as loss data collection, risk and control self-assessments, and key risk indicators. It also discusses approaches for measuring operational risk capital requirements under Basel II and III, including the basic indicator approach, standardized approach, and advanced measurement approach. Finally, it notes some challenges in measuring operational risk and ways to mitigate and control operational risk exposures.
Narcotics Division (ND) of the Hong Kong Police Force is
responsible for combating drug trafficking and investigating
money laundering offences related to drug trafficking.
3.31 The Joint Financial Intelligence Unit (JFIU) is a multi-agency
unit comprising officers from the Hong Kong Police Force,
Customs and Excise Department and the Immigration
Department. It is responsible for receiving, analysing and
disseminating financial intelligence and suspicious
transaction reports to assist law enforcement agencies in
combating money laundering, terrorist financing and other
serious crimes.
3.32 The JFIU is the central authority in Hong Kong to receive
suspicious transaction reports from financial
Financial institutions play a key role in detecting, preventing, and controlling money laundering and terrorism financing through continuous monitoring of customer relationships and timely reporting of suspicious activities. They must follow know-your-customer procedures and report currency transactions, funds transfers, and other activity to the Financial Crimes Enforcement Network. This helps law enforcement maintain security and integrity in the global financial system.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
This document discusses enterprise risk management (ERM). It provides definitions of ERM, outlines its conceptual roots dating back to the 1970s-1990s, and describes what ERM is and how it can provide a framework for risk management. The document also discusses key aspects of ERM implementation including risk, uncertainty, risk attitudes, risk management processes and steps, and tools and techniques for risk assessment.
The document discusses the importance and benefits of implementing an effective compliance program at a health care organization. It outlines the key elements that should be included in a comprehensive compliance program, such as policies and procedures, oversight, education and training, auditing, reporting, and enforcement. An effective compliance program can help communicate an organization's commitment to ethics, prevent fines and penalties, and protect from liability. It is essential for health care providers to follow guidelines from the Office of Inspector General.
The document provides guidance on implementing FATF recommendations regarding politically exposed persons (PEPs). It defines PEPs as individuals entrusted with prominent public functions, and distinguishes between foreign, domestic, and international organization PEPs. It outlines a three step process for financial institutions: (1) implement customer due diligence, (2) determine if a customer is a PEP, and (3) take risk-based measures, which involve enhanced due diligence for foreign PEPs and those domestic/international PEPs deemed high risk. The guidance aims to help effectively implement PEP recommendations while avoiding potential misuse of the financial system.
This document provides an introduction to fraud, including definitions, types of fraud, who can commit fraud, potential triggers of fraud, reasons for fraud, and impacts of fraud. It defines fraud as any dishonest act or omission intended to gain advantage. Common types of fraud include cheating, forgery, misappropriation, and fraudulent transactions. Employees, customers, and outsiders can all perpetrate fraud. Triggers may include lifestyle changes or high-risk transactions. Fraud is often committed due to financial problems, knowledge of weaknesses, and rationalization. Impacts include financial, regulatory, and reputational risks for institutions, as well as punishments for individuals.
CEI Compliance is the UK's fastest growing regulatory consultancy and provides associate opportunities to consultants and cost effective value to financial services and other regulated companies.
We show you the methodology for conducting the Compliance Risk Assessment and how to provide meaningful action plans.
E-book: How to manage Anti-Money Laundering and Counter Financing of Terroris...Jitske de Bruijne
Financial Institutions continue to face heightened fines and regulatory scrutiny over their AML/CFT Programs. This e-book helps you to manage AML/CFT Programs.
Operational risk is the risk of loss from failed internal processes, people, systems or external events. It is embedded in all bank activities and processes. Major types of operational risk include internal and external fraud, workplace issues, damage to physical assets, business disruptions, client/product issues, and legal risks. Common operational risk events in banking include losses from internal fraud, external fraud, improper sales practices, physical damage, system failures, and failed transaction processing. The document outlines approaches for quantifying and measuring operational risk, including the Basic Indicator Approach, Standardized Approach, and Advanced Measurement Approach. The Advanced Measurement Approach, which uses internal loss data and assessment methods, is most beneficial for banks.
This document provides an overview of anti-money laundering (AML) practices. It discusses the stages of money laundering, including placement, layering, and integration. It covers key AML concepts like know-your-customer procedures, suspicious activity reporting, and the role of regulatory bodies like the Financial Action Task Force in establishing international AML standards. The document is intended to help participants understand AML definitions, pillars, risks, and compliance responsibilities.
Money Laundering and Terrorist Financing in a Nutshell: Chapter OneMd. Moulude Hossain
Money laundering and terrorist financing guidelines have evolved over time through various international conventions and organizations seeking to combat these financial crimes (1). Key events included the 1988 UN Drug Trafficking Convention and the 1989 Financial Action Task Force on money laundering (2). Guidelines also evolved at the national level, such as Bangladesh's first anti-money laundering law passed in 2002 (3). Proper policies, procedures and programs are needed by financial institutions to comply with regulations and mitigate risks, starting with an overarching AML/CTF policy endorsed at the highest levels.
This document provides an overview of an anti-money laundering (AML) compliance program. It discusses the key elements of an effective AML compliance program, including senior management oversight, policies and procedures, IT systems, training, record keeping, compliance reviews, independent assessments, and audits. It also outlines some of the professional challenges facing AML compliance officers, such as evolving regulatory requirements and balancing the needs of operations, regulators, and law enforcement.
This document discusses international corporate governance, focusing on the UK's "comply or explain" system and comparing it to China's system. It notes that while the UK system provides flexibility, it has weaknesses like lack of compliance and unclear guidance on director duties. The "comply or explain" approach has received praise but questions remain about ensuring best practices are followed. China's system is also analyzed, looking at reforms and loopholes. Overall the document provides a critical analysis of both the UK and Chinese corporate governance systems.
ISO 37001 is the international standard for anti-bribery management systems. Included in the ISO are elements which can be used to improved procurement governance and prevent corruption. Other instruments including AI and blockchain are also mentioned briefly.
The document provides an overview of an operational risk course. The course objectives are to introduce key aspects of operational risk, including definitions, importance of control and quantification, and regulatory frameworks. It outlines course modules that will cover topics such as risk identification, measurement, management tools, and case studies. It also summarizes perspectives on operational risk from industry practitioners, including approaches to improving financial performance and creating a "no surprise" environment through better risk management.
The document provides an overview of the UK Bribery Act 2010 and guidance on developing procedures to prevent bribery. It discusses the key provisions and offenses under the Act, including offering or paying bribes, failure of a commercial organization to prevent bribery, and bribery of foreign officials. It also summarizes guidance from the Ministry of Justice on conducting risk assessments and implementing adequate anti-bribery procedures proportionate to the risks businesses face. Case examples are provided to illustrate the types of conduct that could be prosecuted and applicable penalties.
The Bribery Act 2010 gained Royal Assent on 8 April 2010 and represents the most significant change in the UK government’s approach to tackling bribery and corruption for over 100 years. The Bribery Act 2010 replaces outdated legislation, bringing the UK in line with the OECD AntiBribery Convention and aims to make the UK a better place for conducting business.
The primary focus for companies is the new offence of failure by a commercial organisation to prevent bribery. All offences carry a maximum prison sentence of 10 years, with the exception of the offence relating to failure to prevent bribery, which carries an unlimited fine.
Where a director is convicted of bribery, they may also be disqualified from holding a director position for up to 15 years
The document summarizes the key aspects of the UK Bribery Act of 2010, which introduced stricter laws against bribery. It outlines the four main offences under the Act: 1) offering bribes, 2) accepting bribes, 3) bribing foreign officials, and 4) failure of companies to prevent bribery. It also discusses the penalties for violating these offences, which include imprisonment of up to 10 years and unlimited fines for individuals and companies. Finally, it argues that Bangladesh should introduce similar anti-bribery laws to penalize bribe payers and ensure companies have adequate procedures to prevent bribery.
The globalised business environment of today necessitates a strong network of global vendors that play a critical role in the business and can help bring considerable opportunities.
15. Series What The Bribery Act Means For Businessnjhb1958
The Bribery Act of 2011 updates UK anti-bribery laws and aligns them with international standards. It prohibits offering, promising, or giving bribes to gain business advantages, as well as requesting, agreeing to receive, or accepting bribes. Companies can be liable for failing to prevent bribery by employees or business partners. To comply, companies should establish anti-bribery procedures including risk assessments, top-level commitment, due diligence of business relationships, clear policies, and staff training. Regular reviews are also needed to ensure ongoing compliance.
The UK Bribery Act 2010 introduces several new bribery offenses that expand the UK's jurisdiction over bribery. It prohibits bribery of foreign officials, private individuals, and failure by companies to prevent bribery. It covers both UK and non-UK companies that do business in the UK. Penalties are severe, including up to 10 years in prison and unlimited fines. Companies must implement adequate procedures to prevent bribery by persons associated with them to use as a defense. UK enforcement authorities plan to aggressively enforce the new law.
The UK Bribery Act 2010 introduces several new bribery offenses that expand the UK's jurisdiction over bribery. It prohibits bribery of foreign officials, private individuals, and failure by companies to prevent bribery. It covers both UK and non-UK companies that do business in the UK. Penalties are severe, including up to 10 years in prison and unlimited fines. Guidance on an "adequate procedures" defense for companies is forthcoming but compliance is critical to avoid prosecution under the Act's broad reach.
- Bribery is illegal and has negative effects on businesses, individuals, and society. The Bribery Act 2010 was introduced to modernize UK bribery law and tackle all forms of bribery.
- The course aims to help learners understand the key provisions of the Bribery Act 2010, identify potential bribery risks, understand the principles and implications for business, explain why anti-bribery measures are essential, and know what an anti-bribery policy includes.
- There are six main principles of the Bribery Act 2010 that guide organizations' anti-bribery procedures: proportionate procedures, top-level commitment, risk assessment, due diligence,
Guide to The Bribery Act 2010 by Josiah HincksJosiahHincks
The Bribery Act 2010 came in to force in the UK in July 2011.
It creates criminal offences for individuals who give or receive bribes.
It also creates an offence for Companies and Partnerships who fail to prevent bribery occuring. The fines are unlimited.
This slide show from Josiah Hincks Solicitors in Leicester presents everything you need to know about Bribery, The Bribery Act, and how to ensure your business is compliant.
Visit http://www.josiahhincks.co.uk for more information about our firm of solicitors in Leicester.
The document outlines 4 major whistleblower programs in the United States: 1) The SEC Whistleblower Program created by Dodd-Frank which offers financial rewards for reporting securities violations. 2) The Sarbanes-Oxley Whistleblower Program which protects employees who report accounting fraud and securities violations. 3) The CFTC Whistleblower Program established by Dodd-Frank which rewards reports of commodities and futures trading fraud with 10-30% of sanctions. 4) The Foreign Corrupt Practices Act program run by the DOJ and SEC which rewards reporting of international financial crimes like money laundering. These programs are designed to encourage whistleblowing and protect whistleblowers.
The document outlines 4 major US whistleblower programs: 1) The SEC Whistleblower Program established by Dodd-Frank which offers financial rewards for reporting securities violations. 2) The Sarbanes-Oxley Whistleblower Program which protects employees who report accounting fraud and securities violations. 3) The CFTC Whistleblower Program established by Dodd-Frank which rewards reports of commodities and futures trading fraud. 4) The Foreign Corrupt Practices Act program run by the DOJ and SEC which rewards reports of international financial crimes like money laundering. These programs are designed to encourage whistleblowing and protect whistleblowers from retaliation.
Getting The Deal Through: Anti-Corruption Regulation 2016Matheson Law Firm
Matheson partners, Bríd Munnelly, Carina Lawlor and Michael Byrne, co-wrote the Ireland chapter for Getting The Deal Through: Anti-Corruption Regulation 2016.
Reproduced with permission from Law Business Research Ltd. This article was first published in Getting the Deal Through: Anti-Corruption Regulation 2016.
The bribery act the changing face of corporate liabilityWhite & Case
The document summarizes key aspects of the UK Bribery Act passed in 2011 and its impact over the past 5 years. Some of the main points made in the summary are:
1) The UK Bribery Act introduced tougher anti-bribery laws than previous legislation, including establishing the corporate offense of failing to prevent bribery.
2) While the Act has significantly raised standards around anti-corruption procedures, the definition of "adequate procedures" remains untested in courts.
3) Ensuring proper anti-bribery culture and understanding of procedures within an organization is as important as written policies.
4) Recent enforcement actions have implicated individuals but failed to give them
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Bribery Act checklist
1. get your
hands off
Stay out of trouble with this essential Bribery Act checklist.
BriBery act 2010 checklist
2. AFTER MONTHS OF SPECULATION AND THOUSANDS OF
COLUMN INCHES, THE BRIBERY ACT 2010 HAS ARRIVED.
OVERHAULING EXISTING LEGISLATION, THE NEW ACT BRINGS
SIGNIFICANT CHANGES. TO HELP ORGANISATIONS SEE THE
WOOD FROM THE TREES, WRAGGE & CO’S SPECIALISTS HAVE
PRODUCED AN ESSENTIAL CHECKLIST.
the BriBery act 2010
you can’t say you
haven’t Been warned
So, what does the Bribery Act do? As a major new piece of legislation, it updates the existing laws
on bribery offences and also creates some new ones, including the strict liability corporate offence
of ‘failing to prevent bribery’. Helpfully, however, the Government’s guidance published in support of
the Act recommends certain risk-based procedures that commercial organisations should put in
place to avoid being caught out by the new corporate offence.
Bribery occurs when someone offers, seeks or accepts a payment, gift or favour that influences a
business outcome improperly. Designed to reform the criminal law of bribery, the new Act covers
the offences of bribing another person and accepting a bribe. It also expands the law to create a
new offence for commercial organisations of failing to prevent bribery by associated persons acting
on the organisation’s behalf anywhere in the world.
Get it wrong and the penalties are severe. Organisations prosecuted for the new corporate offence
which have failed to implement a programme designed to prevent bribery could be hit with an
unlimited fine and serious reputational damage. Directors, senior managers, the company secretary
or other similar officers at these organisations can also face a 10-year prison sentence and/or an
unlimited fine for offences under the Act.
With the Act now in force, it is crucial for businesses to avoid falling foul of the new legislation.
Wragge & Co’s experts are on hand to guide organisations through the new rules and to advise on
how best to mitigate the risks posed by them.
If you wish to discuss in more detail the Here, they provide answers to the burning Bribery Act questions, plus useful points to consider
Bribery Act 2010 and the implications to when assessing risk. Finally, for those with an anti-bribery policy now in place, take a look at our
handy checklist to identify any potential loopholes.
your business please contact:
About Wragge & Co
tom ellis • Wragge & Co is a UK-headquartered international law firm providing a full range of legal
Partner services to clients worldwide.
• With 125 partners operating from offices in Birmingham, Brussels, Guangzhou, London
and Munich, plus affiliated offices in Abu Dhabi and Paris, Wragge & Co has the resource
+44 (0)870 730 2832
tom_ellis@wragge.com and expertise to handle the largest instructions.
• The firm provides a full service to clients worldwide, including hundreds of public sector
organisations and thousands of major companies.
• Wragge & Co's dispute resolution practice is one of the largest of its kind in the UK.
teresa edwards
Associate • 185 dispute resolution lawyers include experts in contract and commercial, construction, mediation
and arbitration, regulatory litigation, IT, professional negligence, insurance and volume debt recovery.
Elsewhere in the firm are teams specialising in dispute resolution for employment, pensions,
+44 (0)121 685 3854 intellectual property (IP) and real estate.
teresa_edwards@wragge.com
3. FREqUENTLY ASKED qUESTIONS
What does the Act do? What is the new corporate offence?
The Act provides four bribery offences: the The Act introduces a new, strict liability
offering or paying of a bribe, the requesting offence for any commercial organisation of
or receiving of a bribe, bribing a foreign failing to prevent associated persons from
public official, and a corporate offence of paying bribes anywhere in the world with
failing to prevent associated persons from the intention of obtaining or retaining
paying bribes. business or a business advantage for that
commercial organisation.This is a very wide-
ranging offence and could present real
Why is this being done now?
difficulties for those who operate in high-risk
The Act represents a long overdue overhaul
jurisdictions in which bribery and corruption
and consolidation of the UK's bribery
are endemic.
legislation (which previously dated from the
turn of the last century).The timing of the
Act is widely rumoured to stem from Is there a defence?
international political pressure being brought There is a defence to the corporate offence.
on the UK Government by the United As explained in this document, it is a
States as a reaction to some high-profile defence for a commercial organisation to
inquiries which have been abandoned, such prove that it has in place adequate
as that into BAe Systems. It is also a reaction procedures designed to prevent bribery by
to the difficulty experienced by the Serious associated persons.
Fraud Office in securing a conviction against
companies suspected of paying bribes.
How does this compare with the US
Foreign Corrupt Practices Act?
How is bribery defined? Where the FCPA accepts that facilitation
Bribery is given a wide definition in the Act payments (small bribes requested by some
and involves the promise, giving, request, foreign officials intended to “grease the
acceptance or receipt of a financial or other wheels” for the performance of official
advantage to induce or reward a person functions) are a part of doing business in
with respect to the improper performance some parts of the world and therefore
of a relevant function or activity.This is excludes them from the scope of the US
performance that breaches the expectations legislation, the Act considers them to be
of good faith or impartiality, bribes and therefore makes them illegal.The
or breaches a position of trust. Act arguably imposes some of the toughest
anti-bribery laws anywhere in the world.
Is any of this new?
The standard bribery offences of paying or When did the Act come into force?
receiving a bribe have long been a criminal Friday, 1 July 2011.
offence and the Act simply serves to codify
those offences in a clear, albeit broad,
Does it have retrospective effect?
manner. However, the two new offences
No.The act is not retrospective, but
introduced by the Act are the specific
applies to events which take place from
offence of bribing a foreign public official and
1 July 2011 onwards.
the new strict liability corporate offence.
4. anti-BriBery policy checklist
The policy should open with a clear and unequivocal statement of the company’s anti-bribery stance. Zero
tolerance is the recommended standard.
The policy should contain a clear definition of bribery (in compliance with the Act and any other relevant
anti-bribery legislation to which the company or its associates may be subject).
The scope of the policy should extend to all internal and external relationships and include all group entities
Introduction over which the company has control.
The policy should refer to the risk assessment undertaken by the company and identify the areas of the
policy which are intended to address particular identified risks.
The policy should be a public document and be made available on the company’s website or on demand
from the company.
The policy should require that high-level training on the Bribery Act and the policy be rolled out to all employees.
The policy should provide for bespoke training to be rolled out to key/senior and/or high-risk employees.
The policy should provide that training on the Bribery Act and the policy be given to material overseas
contractors/agents etc.
Training policy
The policy should require that a record of the training given be maintained and reviewed to ensure that everyone
has the most up-to-date training.
The policy should establish a process by which refresher training is provided where necessary and, in any event,
following any new risk assessment or changes to the policy.
The policy should put in place relevant thresholds with respect to:
(a) The value of hospitality offered/received; and
(b) quotas (e.g. to ensure that individuals do not offer or receive disproportionate levels of hospitality),
pursuant to which the hospitality is either permitted, or permitted subject to necessary authorisations, or prohibited.
The policy should set out clearly the levels of authorisation which are required, depending on the
Corporate hospitality value/recipient/other relevant considerations.
policy The policy should put in place a reporting requirement for all hospitality given and received, and require that an
appropriate register of hospitality (given and received) should be maintained.
The policy should make a regular review of the staff ’s adherence to the policy a mandatory requirement (perhaps in
conjunction with staff performance reviews).
The policy should make it a disciplinary offence for staff to fail to comply with the policy.
The policy should put in place relevant thresholds with respect to:
(a) The value of donations;
(b) quotas (e.g. to oversee the cumulative effect of donations).
pursuant to which the donation is either permitted, or permitted subject to necessary authorisations, or prohibited.
Charitable/political The policy should set out clearly the levels of authorisation which are required, depending on the
donations policy value/recipient/other relevant considerations.
The policy should put in place a reporting requirement for all charitable/political donations given, and an appropriate
register of charitable/political donations should be maintained.
The policy should make a regular review of the staff ’s adherence to the policy a mandatory requirement.
The policy should make it a disciplinary offence for staff to fail to adhere to the policy.
There should be a policy that no facilitation payments be made by or on behalf of the company (either to
foreign public officials or to any other third party).
The policy should ensure that bespoke training is provided to anyone potentially exposed to demands for
Facilitation payments facilitation payments.
policy The policy should put in place processes for the reporting and recording of any demands for facilitation
payments and any payments made.
If appropriate, the policy should require that a bespoke risk assessment be done for any relevant jurisdiction
in which facilitation payments are regularly demanded.
5. These checklists provide a number of generic
considerations which are intended to assist commercial
organisations with the process of assessing their risk
profile and preparing an appropriate anti-bribery policy.
Each organisation will have its own unique risks and the
suggestions set out here will not necessarily deal with
each and every issue which an organisation may face.
The policy should require that financial books and records be subject to regular and spot-check audits to
identify any bribery-related anomalies.
The policy should establish specific levels of authorisation for high-risk/value transactions (to include any risk
areas identified in the risk assessment).
Financial controls policy The policy should set out clearly the necessary authorisation process for expenses claims, including the
implementation of threshold levels and/or special requirements for expenses which relate to high-risk
markets/jurisdictions/teams/individuals.
The policy should provide for a robust record-keeping policy.
The policy should make it a requirement that due diligence be undertaken on (at least) all material overseas
contractors (to include past conduct, reputation of principals and anti-bribery credentials).
The policy should make it a requirement that overseas contractors/agents and staff who operate overseas are
Overseas business policy given bespoke training on bribery risks.
The policy should make it mandatory for contractual anti-bribery provisions to be incorporated in all material
overseas relationships (to include termination rights for a breach thereof).
The policy should require that staff confirm (on a regular basis and after any policy change or material development)
that they understand and will adhere to the policy.
The policy should be incorporated by reference into employee handbooks.
Staff/employee policy The policy should clearly explain that it is a disciplinary offence for an employee to fail to comply with any aspect of
the policy. Sanctions for breach should be clearly identified and communicated to all staff.
The policy should establish confidential whistle blowing/reporting channels to permit staff to report any issues or
grounds for suspicion.
The policy should require that contractual anti-bribery provisions be incorporated in all material supplier, sub-
contractor and agency contracts (to include termination rights for a breach thereof).
Supplier/sub-contractor/ The policy should set out a requirement for a minimum level of due diligence to be undertaken into suppliers,
agent policy sub-contractors and agents before the company enters into any form of binding relationship with them.
The policy should make it a mandatory requirement for suppliers, sub-contractors and agents to confirm that
they understand and will adhere to the policy.
The policy should set out the requirements for an on-going risk assessment programme.
The policy should require that the board consider the risk assessment programme on a regular basis.
Risk assessment The policy should set out the events on the occurrence of which a mandatory review of the risk assessment must
be undertaken (e.g. discovery of an offence, move to new business sector/country, material growth, significant
acquisition or merger, increased market risk).
The policy must put in place a system for the regular monitoring of compliance of high-risk individuals.
The policy should provide that spot-check audits be undertaken to review compliance with the policy.
The policy should provide a programme for checking that its requirements have been implemented effectively and
Monitoring and are being followed.
implementation The policy should make it clear that the Board has responsibility for overseeing the implementation of the anti-
bribery programme and that the programme will be a regular agenda item for board meetings.
The policy should set out a clear ‘ownership’ structure for the anti-bribery programme (e.g. compliance function,
board committee, legal team).
The policy should set out a specific action plan where a bribery offence or suspicious circumstances are discovered.
The policy should require the immediate involvement from any internal legal function in the investigation and, if
appropriate, external legal counsel.
Reaction plan The policy should require that a thorough investigation be undertaken as quickly as possible and that the
conclusions from that investigation be provided to the board.
The policy should set out clearly the sanctions which are to be applied in response to bribery-related incidents.
6. risk assessment checklist
Where is the organisation incorporated?
Is it part of a group of companies?
Organisation Where is overall management located?
What is the global spread of the organisation’s subsidiaries and/or parents?
In what markets/business sectors does the organisation operate?
Is part of its business undertaken in the UK?
The business Does the business involve import/export?
Are any of these markets/business sectors known to have general or specific bribery risks?
What (if anything) has been done to mitigate these risks?
Are there any high-value/particularly significant transactions that the organisation enters into on a
regular/irregular basis?
Transactions Do any transactions involve intermediaries, agents, representatives, consortia, JV partners?
Does the organisation depend on a few high-value transactions or a mix of transactions?
In which countries does the organisation operate its business?
Does the organisation have any overseas subsidiaries or parent companies?
Does the organisation operate its business overseas through agents or representatives?
The locations Are any jurisdictions in which the organisation operates known to be high-risk jurisdictions for bribery and
corruption?
What (if anything) has been done to mitigate or deal with these risks?
Who is responsible for overseeing compliance within the organisation?
Is management at a group or company or country level?
The management Does management have oversight of all things done on behalf of the organisation or is oversight delegated
to committees or local management?
Is there a clear and coherent anti-bribery message coming from management?
Does the organisation use agents or representatives for sales/promotional activities?
Does the organisation have any joint venture partners?
The contractors/ Does the organisation impose an anti-bribery policy on its contractual partners?
agents/partners What (if any) due diligence has been undertaken into the organisation’s contractual partners?
What are the sanctions (if any) against a contractual partner for breach of a bribery policy?
Has the organisation faced any bribery incidents in the past?
Known bribery risks If so, where, when and by whom?
What has been done to prevent such incidents happening again – and has this been successful?
Does the organisation have a clear anti-bribery message?
What general compliance policies does the company already have in place?
Does it have a specific policy regarding bribery?
Is there a policy on corporate hospitality/promotional expense/charitable donation/sponsorship?
The policies Have the relevant policies been implemented and enforced?
How are the relevant policies communicated internally or externally?
Are staff required to acknowledge that they have read, understood and will adhere to the policy?
What disciplinary sanctions are there for breach of policy? Have they been applied consistently?
7. These checklists provide a number of generic
considerations which are intended to assist commercial
organisations with the process of assessing their risk
profile and preparing an appropriate anti-bribery policy.
Each organisation will have its own unique risks and the
suggestions set out here will not necessarily deal with
each and every issue which an organisation may face.
What training has been given to staff on bribery?
What training is planned?
Training Is any bespoke training intended for high-risk individuals?
Is bribery training compulsory for all staff or just some?
What is the organisation’s budget for corporate hospitality?
Does the company allow ‘off book’ accounting?
Have there been any instances in the past of ‘off book’ accounting?
Financial controls Has the organisation ever accounted or budgeted for facilitation payments?
What financial controls are imposed on expenses (e.g. must they be documented/explained)?
Are regular audits/spot checks undertaken to identify anomalies/suspicious transactions?
How and to whom are anomalies reported?
Does the organisation interact with any domestic public officials in its business?
Interaction with Does the organisation need any public licences to operate its business?
government/public Does the organisation do any public sector contract work?
authorities (UK) Are staff who come into contact with public officials given any particular training?
Does the organisation interact with any foreign public officials in its business?
Interaction with Does the organisation export anything to or import from foreign countries?
government/public Does the organisation need any public licences to operate its business in foreign countries?
authorities (foreign) Does the organisation do any public sector contract work in foreign countries?
Are staff who come into contact with foreign public officials given any particular training?
Does the organisation have a policy on corporate hospitality/promotional expense?
Is there a reporting requirement for hospitality received?
Is there a financial level at which hospitality must be refused by staff?
Corporate Does the organisation impose quotas on the value of hospitality which can be given to a particular
hospitality/promotional person/entity/organisation?
expense policy Is an authorisation process required for either the receipt or the giving of hospitality?
How much does the company spend on hospitality?
Are there any staff who receive a disproportionate amount of hospitality compared with their equivalent
colleagues?
Staff - remuneration Do any members of staff have their remuneration/bonuses linked with high-value or public contracts?
and bonuses Do any members of staff have a level of responsibility/influence that is disproportionate to their salary?
Who has prepared this risk assessment?
Where has the information contained in this risk assessment come from?
Risk assessment When was this risk assessment prepared?
When will it next be reviewed/updated?
What are the triggers for an unscheduled review?
8. t +44 (0) 870 903 1000
f +44 (0) 870 904 1099
mail@wragge.com
www.wragge.com