How to Be Fully Committed To A Sustainable Culture Of Bribery/Corruption Compliance as part of the overall CSR Responsibility.
Even though profits may seem generous at the time when the bribery and corruption crimes are committed, the costs will far outweigh the benefits, as in the end coordinated law enforcement efforts will explain the common schemes and compliance misconduct.
The US Securities and Exchange Commission, Department of Justice, The UK Special Fraud Office, The Chinese Government and other governmental and public oversight authorities announced a wide range of enforcement actions and have accused many global companies of not having adequate procedures for combating Corruption, bribery and Fraud.
When the hammer falls the companies (unfortunately the list is much too long) the authorities accuse the companies of a wide-ranging business violations overseas, like Bribery, Fraud and Corruption misconducts in many forms, offering kickbacks, making illegal profits from trading obtained through the improper payments including bribing officials in Africa and the Middle East to win profitable business contracts in china and abroad.
The current focus is on companies covering travel and entertainment expenses for potential clients, including a football and sports trips, religious trips, even picking up the tab for a family wedding or honeymoon.
Whether the money went to tax auditors in Albania or officials at the state-owned oil company in Angola, bribes and improper payments must never be an typical way for any company to conduct business.
Later on when companies try to Watergate the events and cover up various payments, manipulate the internal records, use code names to conceal culprits, hiding transactions with countries on the red Alert list of transparency international or even violating sanctions laws have all happened more than once.
The Foreign Corrupt Practices Act, a 1977, The UK Bribery Act of 2010 and some EU directives prohibit companies from improperly greasing the wheels to gain overseas business. The Oversight authorities are now increasingly enforcing the law in recent years, and each jurisdiction has created a unit dedicated to Bribery, Fraud and Corruption cases.
Copenhagen Charter on Bribery, fraud and Corruption has created an web based Riskability IT Tool for your annual Bribery, Fraud and Corruption Assessment. Send us a email for a free trail.
