Bribery in the UK or elsewhere is a criminal offence under the Bribery Act 2010. UK firms risk prosecution if they fail to take appropriate steps to prevent bribery. A defence is available if a firm can demonstrate that it maintains adequate (bribery-prevention) procedures.
Financial crime risk includes the risk of corruption and is wider than the Bribery Act’s scope. The FCA may take action against a firm having deficient anti-bribery and corruption systems and controls, regardless of whether or not bribery or corruption has taken place.
When a firm's employees, agents or intermediaries (i.e. associated persons) seek to win new business, or retain existing business, UK law includes:
An adequate procedures framework should reflect the following key principles:
FCRM assists clients to identify and assess bribery risk in internal business process and the operating environment, to inform content of the adequate procedure framework. We investigate alleged/suspected bribery, providing independence, objectivity and experience when responding to issues.
We conduct due-diligence on parties to a business relationship, looking for indicators or red-flags of improper payments; and we are accustomed to assisting clients with questions/concerns posed by a regulator, relating to risk in the control environment (e.g. per FCA Handbook - SUP 15.3.17).