anti-bribery and corruption practices

Anti-bribery And Corruption Compliance: 7 Best Practices

who this class is for

Employees and managers

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About this micro-class

Adherence to anti-bribery and corruption measures is not just a legal obligation but a critical component of an ethical corporate culture.

Anti-bribery and Corruption Best Practices

1. Understanding Bribery and Corruption

Definition: Bribery involves offering, giving, receiving, or soliciting something of value to influence the action or decisions of an official or other person in a position of power.

Corruption: The abuse of power for personal gain, which can manifest in various forms, including bribery.

2. Applicable Laws

Applicable laws vary based on your area and industry. Be aware of specific anti-bribery laws in countries where your company operates.

Examples of applicable laws include:

  • FCPA (Foreign Corrupt Practices Act): Prohibits bribery of foreign officials.
  • UK Bribery Act: Covers bribery both domestically and internationally.

3. Company's Policy

Familiarize yourself with your company’s anti-bribery and corruption policy.

Report any concerns or potential violations through established channels.

4. Key Compliance Principles

Zero Tolerance: Several companies have zero tolerance for bribery and corruption in any form.

Gifts and Hospitality: Scrutinize and record all gifts and hospitality to ensure compliance.

Third-Party Due Diligence: Rigorous checks on suppliers, agents, and partners to mitigate corruption risk.

5. Red Flags

red fla
  • Unusual payment patterns.
  • Requests for off-the-books payments.
  • Overly generous gifts or hospitality.

6. Record-keeping and Documentation

Maintain accurate records of all transactions and interactions.

Documentation is crucial for demonstrating compliance in case of audits or investigations.

7. Consequences of Non-Compliance

Non-compliance with anti-bribery and corruption measures can have serious repercussions, such as legal repercussions for individuals and the company, and reputational damage.

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