Bribary, Money Laundering & Corruption Flashcards
1
Q
What are the 6 principles of the Bribery Act?
A
- Proportionality
- Top level commitment
- Risk assessment
- Due diligence
- Communication
- Monitoring and review
2
Q
Who does the Bribery Act 2010 apply to?
A
- Individuals who commit bribery offences anywhere in the world and organisations incorporated in the UK that commit bribery.
3
Q
What is the potential consequence for not adhering to the Bribery Act?
A
- Individuals may face a maximum penalty of 10 years’ imprisonment and/or an unlimited fine, while corporates may also face an unlimited fine.
4
Q
What is money laundering?
A
- The Money process by which criminals disguise the origin of proceeds of criminal conduct to appear legitimate.
5
Q
How do you report suspicious money laundering behavior?
A
- You are legally obligated to submit a Suspicious Activity Report (SAR) to the National Crime Agency if you suspect money laundering.
6
Q
What is corruption?
A
- The abuse of entrusted power for private gain.
7
Q
What is a bribe?
A
- A reward offered or promised to gain a commercial, contractual, regulatory, or personal advantage.
8
Q
What is the Bribary Act 2010?
A
- Covers criminal law relating to bribery.
- The Act contains four main bribery offences:
1. Bribing another person
2. Being bribed
3. Bribing a foreign public official
4. Failure by a commercial organisation to prevent bribery.
9
Q
What is a price fixing cartel?
A
- A collection of otherwise independent businesses that act together in order to fix prices for the goods produced/services rendered, without competition.
10
Q
What is terrorist financing?
A
- The solicitation, collection, or provision of funds with the intention to support terrorist acts or organisations.
11
Q
What is a facilitation payment?
A
- A payment made to a public or government official that acts as an incentive for the official to complete some action or process expeditiously, to the benefit of the party making the payment.
