Bribery, Money Laundering and Corruption Flashcards
(20 cards)
What do you believe constitutes bribery
Something offered to gain personal advantage in given situation
Bribery Legislation
Bribery Act 2010
6 Key principles of Bribery
Proportionality
Top Level Comitmment
Risk Assessment
Due Diligence
Communication
Monitoring & Review
4 Bribery offences
Giving Bribe
Receiving Bribe
Witnessing Bribe
Bribe public official
Penalties under current bribery legislation
- 10 years prison and/or unlimited fine
- Directors convicted likely be disqualified for significant period
Responsibilites of a business with more than one employee under bribery act
- A policy all are aware of
- Complete training
- Follow principles
What companies and individuals does the Bribery Act apply to
Companies - All UK entities
Individuals - British citizen committed bribery anywhere in world
Under Bribery Act, what circumstances is facilitation payment permmitted
Only under duress, threat to life
Must be reported immediately once payment made
What is your position for compliance with Bribery Act 2010
- RLB has anti bribery and corruption policy which applies to me
- I would report any act of bribery to the Serious Fraud Office or National Crime Agency
What is Money Laundering
Generic term used to describe the process by which criminals disguise their proceeds of criminal conduct by making the proceeds appear to have dervied from legitimate source
How would you report suspicious monery laundering behaviour
Would submit a SAR (suspicious activity report) to National Crime Agency
Client asks you to make an interim payment to the contractor with half million in cash to make payment, what would you do
- Not accept cash
- Encourage client to pay cash into a bank account
- (Responsibility rests with bank to check legitiacy of the cash)
- If I had concerns about source of money, report to National Crime Agency
What is Corruption
Abuse of entrusted power for private gain
What is a price fixing cartel
Collection of independent businesses that act together as if they were single producer - Can fix prices for goods they produce and services thy render without competition
What is Terrorist Financing
Socilitation, collection or provision of funds with intention to support terrorist acts
What is a facilitation payment
Payment made to an official that is an incentive to complete an action expeditiously to benefit that person
What are mandatory requirements for RICS members and firms in association with bribery, corruption, money laundering and terrorist financing
Countering Bribery and Corruption, Monery Laundering and Terrorist Financing [PS]
Who is a foregin public official
- Person holds a legislative, administrative or judicial position outside UK
Are there limits of cash you can accept
Not aware of a limit but if you are receiving over 10k euros you must register with HMRC as High Value Dealer HVD
You’re working in a foreign country and are speaking to a government offical about the delivery of the scheme. You need this official’s sign off on an element of the scheme to meet programme time scales.
The official says they will do it but require a facilitation payment “to get things going”.
What do you do?
provide clear guidance for staff so that they understand their role in preventing bribery and corruption and are aware that the following will not be tolerated:
– so-called ‘facilitation payments’; although such payments may not be illegal in the local country where the payment is made, no such payments should be made without explicit authorisation from the head office
https://www.rics.org/content/dam/ricsglobal/documents/standards/February_2019_Countering_Bribery_And_Corruption_Money_Laundering_And_Terrorist_Financing_1st_Edition.pdf
