Bribery Laws Breached – could any of these apply to your organisation?

Payments to a consultant hired to help it do business in China and Macau;

Bribes paid to a former official of a Venezuelan state-owned bank;

Bribes paid by foreign subsidiaries to Chinese officials;

Improper payments in Russia and other countries;

Bribing an official at the European Bank for Reconstruction and Development;

Bribing officials at Venezuela’s state-owned energy company  to win work and speed up contract payments.

These are just some of the recent cases reported by the US Department of Justice relating to breaches of the Foreign and Corrupt Practices Act. Are there similar situations that UK based companies could face which could put them in breach of the UK Bribery Act. Under that Act organisations can be guilty of a criminal offence if they fail to have adequate procedures to prevent bribery. Bribery and Corruption are just some of the fraud risks faced by organisations.

Is your organisation’s Fraud Risk Assessment up to date? Risk assessments should be regularly reviewed particularly when entering new markets or introducing new technology or products/services.

You can also see our complete Taxonomy of Fraud to identify other possible fraud risks for your organisation.

Assess how robust your organisation’s anti-fraud procedures are using our Organisational Capability Self Assessment Toolkit.