Bribery Act Flashcards
What is the purpose / key principles/ compliance of the Bribery Act (2010)?
Aims to reduce bribery in UK and abroad. Based on 6 principles:
1. Proportionality
2. Top level commitment
3. Risk assessment
4. Due diligence
5. Communication
6. Monitoring & Review
4 Offences:
1. Bribing
2. Receiving a bribe
3. Bribing a foreign public official
4. Failing to prevent bribery
What are the penalties for accepting a bribe?
10 years imprisonment and/or unlimited fine – policed by Serious Fraud Office
What is a bribe?
Bribe = giving, receiving or offering an advantage such as payment or a gift for an action that is illegal or a breach of trust.
When is it acceptable to accept a gift?
If asked, consider:
Bribery Act 2010
The RICS Professional Standards
Your organisation’s policy
Professional objectivity, openness and transparency
Proportionality
Tax implications
Sanctions
Employment contract details
What are Colliers Anti-Bribery procedures and gift registration requirements?
Proportionality
Can never accept cash, no matter the amount
Under £30 don’t report
£30-60 gifts register
£60-200 authorisation by director sign off and add to register
£200+ authorisation as above + compliance officer
When might you accept hospitality?
When accepting hospitality, I would always:
Refer to my company’s gift and entertainment policy, the Bribery Act 2010 and the RICS Decision Tree if unsure.
As long as the cost limit was reasonable, proportionate and transparent, then I would discuss it with my line manager
What does the RICS Prof Standard on Countering Bribery, Corruption, ML and TF (2019) set out?
Sets out mandatory requirements for RICS members/firms in relation to bribery.
Splits into 3 parts:
1. B&C, ML & TF.
B&C: must not offer/accept bribes, have procedures, report suspicion, act with diligence, or retain records.
ML/TF: not facilitate, compliance, report suspicious, use third party checks, verify clients.
2. Guidance: practical guidance, have a written policy, encouraging transparency, setting up a gift register.
3. Supplementary guidance: risk-based approach, who, what, why, dealing with PEPs, identify beneficial owner
How would you handle clients’ money?
Underpinned by Rules of Conduct which require firms to keep clients’ money safe and have appropriate accounting controls
RICS Professional Standard Client Money Handling (2019) – several main areas of good practice:
1. Holding clients money
2. Providing information to clients
3. Receipts of client money
4. Payment from client accounts
5. Compliance
What are the different types of client money accounts?
General accounts that holds money for more than one client.
Discrete accounts that hold a single named client.
How often do you need to review client money?
In RICS Professional Standards on Client Money Handling (2019) – reconciliation every month.
What are the main money protection schemes available to firms?
The RICS runs a Client’s Money Protection Scheme.
Client Money Protection for Surveying Practices
Client Money Protection for Residential Practices
What might client money include?
Rent Deposits
Service Charge
Who policies the Bribery Act (2010)?
Serious Fraud Office
What is the PS on Client Money?
RICS Professional Standards on Client Money Handling (2019)
What is the RICS document on bribery?
RICS Professional Standard on Countering Bribery, Corruption, Money Laundering and Terroist Financing (2019)
What is the Regulation on money laundering?
Money Laundering, Terrorist Financing and Transfer of funds (2017)
