Bribery and Corruption

Question 1

What RICS Guidance is there on bribery and money laundering

Answer 1

Professional Statement – Countering bribery, corruption, money laundering, and terrorist financing

Question 2

RICS - What MUST firms ensure in relation to bribery and corruption

Answer 2

DON’T DO IT
COMPLY LAW
REPORT ANYTHING
DUE DILIGENCE
RECORD INFO

Question 3

What are the main pieces of legislation that are relevant to Bribery, corruption, money laundering, and terrorist financing

Answer 3

· Bribery Act (2010)
· Money Laundering Regulations (2017)
· Terrorism Act (2000)
· Proceeds of Crime Act (2002)

Question 4

What is the Bribery Act (2010

Answer 4

· Bribery Act 2010 is primary legislation in the UK that punishes against public or private bribery

Question 5

What are the main principles of the Bribery Act

Answer 5

The offences are
- Making a bribe
- Receiving a bribe
- Bribery of a foreign public official
- Failure of a corporate entity to prevent bribery eg training and policies
- The legislation applies to all UK entities and includes associated persons for example subconsultants and external advisors

Question 6

What are the penalties under the Bribery Act 2010

Answer 6

The penalties under the act are severe:
· Individual = Maximum of 10 years imprisonment and / or unlimited fines
· Organisation = Unlimited fines
· A commercial organisation or an individual will also face an automatic and everlasting ban from tendering for EU public contracts