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The UK Bribery Act has been described as ‘the toughest anti-corruption legislation in the world” and differs from the U.S. FCPA (Foreign Corrupt Practices Act) in several ways.  It is important to realize that compliance programs for the FCPA do not necessarily cover the requirements for the UK Bribery Act and that companies will need to evaluate their policies and procedures to ensure compliance accordingly.

 

Extends to cover private individuals and non-UK companies

The FCPA covers bribery to public officials while the UK Bribery Act is widened to include the private sector.  This includes penalties for those who receive the bribe which means that non-UK companies are at risk for making and accepting bribes as well. 

 

This translates into needing compliance programs that address not only corporate officers and transactions with public officials but also employees and agents as well.  Furthermore, The UK Bribery Act broadens the territorial reach to include acts by companies that carry on business or part of a business in the UK regardless of whether the offense was committed in the world.

 

Extends to cover a corporate failure to prevent bribery

Corporations will be liable if anyone acting under its authority is found to be involved in corrupt practices and they do not have in place ‘Adequate Procedures’ to counter corruption.  

 

Companies will need to be able to demonstrate that they are actively implementing anti-corruption procedures and controls. This means more than just having a written policy in place.  This liability offense of corporate failure has no FCPA equivalent where the FCPA only requires that knowledge of the offense by shown.

 

Extends to cover facilitation payments

Unlike the FCPA, the Bribery Act specifically outlaws facilitation payments. Facilitation payments refer to monies paid to speed up the performance of a routine (non-discretionary) government function or activity. 

 

What actions need to be taken

Companies must update their anti-bribery policies, procedures and controls and be able to demonstrate “adequate procedures” are in place and being implemented to prevent bribery. 

 

The aim should be to have early identification of issues when they arise and procedures in place for fast and appropriate remediation. It is critical that due diligence on individuals and companies be performed based on your companies established policies and procedures.

 

Compliancy – one solution for both

The Compliancy automation solution can help you implement the policies, procedures and controls you need for compliance to the FCPA and UK Bribery Act.  The results will be strong enforcement and proof of compliance.

 

What is needed are strong internal controls to better ensure that transactions are approved by authorized personnel and a complete record is maintained for audit. In addition, there needs to be a way to automatically check and flag any relevant event that fails the business rules that operationalize the company's policies in this regard.

 

Ensure enforcement and proof of compliance

Compliancy can help you ensure enforcement and provide proof of compliance through automation of your FCPA and UK Bribery Act related business policies and processes to integrate people, procedures, and documentation with strong controls for authorization and security and early identification of issues for faster and more effective remediation.  

 

Most importantly, Compliancy can customize your automation solution to meet your unique company and industry requirements and leverage and extend your existing processes and controls saving you time and money while improving the effectiveness of your compliance programs.

 

Work you have already done can be easily utilized and then transformed via automation for additional benefits that cannot be realized with spreadsheets, project management systems, or electronic documents.

 

Compliancy can help you take the next step to ensure enforcement and provide proof of compliance for a better assurance of meeting regulatory requirements.

 


For more information contact us at info@compliancy.com or call +1-919-806-4343.

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