Newsletter | Volume 1

Issue I
Issue II
Issue III
Issue IV
Issue V
Issue VI
Issue VII
Issue VIII
Issue IX
Issue X
Issue XI
Issue XII
Issue XIII
Issue XIV
Issue XV
Issue XVI
Issue XVII
Issue XIX
Issue XX
Issue XXI
Issue XXII
Issue XXIV
Issue XXV
Issue XXVI
Issue XXIX
Issue XXX
Issue XXXI
Issue XXXV

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The most recent Guidance on Anti-bribery and corruption systems, controls and due diligence

The FSA found that despite a long-standing regulatory requirement to mitigate financial crime risk, the majority of firms in their sample did not have robust anti-bribery systems and controls in place and some firms fell short of their regulatory requirements.

FSAs thematic review Anti-bribery and corruption systems and controls in investment banks’ examine how companies can mitigate bribery and corruption risks. Bribery and corruption risk is the risk of the firm, or anyone acting on the firm’s behalf, engaging in bribery and corruption.

FSA propose to update chapters 2 and 6 of Part 1 of their FC Guide, with new guidance and examples of good and poor practice drawn from these findings. They also propose to include a new Chapter 13 in Part 2 of the FC Guide, which will consolidate all examples of good and poor practice highlighted in the thematic review. FSA have highlighted proposed changes to the existing text.

At the Copenhagen Compliance Conference we have a lawyer from Eversheds and an auditor from PwC to explain to you ALL that you need to know on Anti-bribery and corruption systems and controls and due diligence. We will explore all the nuts-and-bolts of the Bribery and the Foreign Corrupt Practices Act, and how to put the various permissible Bribery Fraud and Corruption theories to the test. Muster the BA and FCPA concerns as they have developed during the past couple of years.

Further we will review an entire Anti corruption due diligence procedure including:
Engaging third parties, whatever the location or nature of the arrangement, can expose any organisation to the risks in a number of areas including export controls, fraud, money laundering, conflicts of interest and other unethical business practices.
  • The reputational if not financial damage to your organisation, if not well managed.
  • There are a number of well publicised cases of organisations being brought into disrepute by associations with third parties whose ethical practices are not aligned. There is now an expectation from certain prosecutors, that organisations proactively manage these business partner relationships.
  • Specifically in connection with bribery, we will consider the expectations of the prosecutors and what your organisation can do to address these.

To review the recent FSA documents please click: