LONDON, Dec. 22 -- The government of the United Kingdom issued the following news:
TheSerious Fraud Office (SFO), working with law enforcement partners across the Five Eyes nations, has published guidance to help businesses, professionals and the publicidentifypotential indicators of foreign bribery.
For the first time, the International Foreign Bribery Taskforce (IFBT) has collectively published"Indicators of Foreign Bribery", an agreed list of factors thatindicateforeign bribery. This bringstogetherinformationfrom the SFO, the UK's National Crime Agency, Australian Federal Police, Royal Canadian Mounted Police, New Zealand Police, New Zealand Serious Fraud Office, and the US Federal Bureau of Investigations.
Drawing on the collective casework experience of IFBT members, the guidance highlights factors thatmaysuggest foreign bribery activityand isdesigned tohelpprofessionals working in high-risk sectors, compliance teams, and the broader business community to recognise concerning patterns and report them to theappropriate authorities.
Taken in isolation the indicators do not automatically equate to criminal activity. Instead, they highlight factors which, when considered in combination and within context, raise the risk profile.
The indicators cover a range of risk factors commonly associated with foreign bribery cases, includingfor example:
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Ownsahigh-value property portfolio disproportionate to income
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Registers charitywith the same name as company
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Requires unusual secrecy in relation to transactionsor contracts and is reluctant to share financialrecordsregardingsame
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Is a shareholder in a company through layersof complex company ownership
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Awards contractsto a party thatlacks theapparentcapability
The guidance notes that some indicators are common to other financial crimes, including money laundering, and should be assessed within the broader context of a company's operations and risk profile.
The IFBT encourages anyone whoidentifiesactivity that may be indicative of foreign bribery to report it to theappropriate authoritywithin theirjurisdiction. In the UK,briberyreports can be made to the SFO or the National Crime Agency.
BalinderMatharu,Head of Intelligence Analysisat the Serious Fraud Office, said:
Foreign bribery is acomplexproblem that demands a global response. This guidance brings together decades ofintelligence andinvestigative experience fromthe world's leading law enforcement agencies. Prevention is always better than prosecution, and this collaborative approachdemonstratesour commitment to working withour law enforcement partnerstotackle economic crime.
The full "Indicators of Foreign Bribery" document is available atForeign bribery and grand corruption - AFP
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