Bribery / Money Laundering Flashcards
What is the purpose of the Bribery Act 2010?
To ensure companies have anti bribery policies in place to prevent corruptive activities.
What are the 5 criminal offences under the Bribery Act 2010?
- Giving a bribe
- Taking a bribe
- Bribing an official
- Bribing a foreign official
- Not having systems in place to prevent bribery.
What are the 6 prevention principles that provide a company with a legal defence where corruption has happened within the firm?
- Due Diligence
- Risk Assessment
- Proportionality
- Top level Commitment
- Monitoring and Review
- Communication
What are the purpose of the Money Laundering Regulations 2019?
To enhance transparency and to ensure firms have preventative provisions in place to prevent money laundering.
What are the 4 requirements under the Money Laundering Regulations 2019?
- Undertake due diligence
- Adopt a risk assessment approach to identify risks to money laundering
- Dedicated money laundering officer
- Ensure adequate training for staff on money laundering
What should you do if you suspect money laundering?
Report to dedicated money laundering officer who will complete a suspicious activity report.
What are some of the things to look out for for money laundering?
- Payments in cash
- Transactions that has no economic purpose
- Not meeting clients in person.
- Complex company structures
- Client from a high risk third country
What is the RICS Professional Statement on Bribery and Money Laundering?
Sets out mandatory requirements for members and firms to deal with anti bribery, corruption, anti money laundering and terrorist financing.
What are some of the requirements for firms in relation to Bribery and Corruption?
- Do not accept or offer bribes
- Comply with laws
- Report suspicious activity
What are some of the requirements for members in relation to bribery and corruption?
- Do not accept or offer bribes
- Have adequate knowledge of bribery and corruption
- Report suspicious activity
What are some of the requirements for firms in relation to Money Laundering?
- Do no facilitate money laundering
- Have systems in place to comply with laws
- Report suspicious activity
- Adopt a risk based approach to clients
- Undertake due diligence
What are some of the requirements for members in relation to money laundering?
- Do not facilitate money laundering
2. Report suspicious activity
