Corruption and its impact
Corruption may be defined as “the abuse of entrusted power for private gain” (Transparency International), which includes private sector corruption as well as corruption by public officials.
As the UAE economy grows, the influx of new businesses, funds and investors create an environment where the possibility of dishonesty and corruption becomes more possible. Corruption costs a society in a number of ways, including financially, trust in the financial system and unfair competition. The UAE has recognised this and although there has been anti-bribery legislation since the 1980’s, the government has also initiated several initiatives to further tackle this issue, including the creation of the Anti-Corruption Unit.
Equally, with so many expatriates and foreign owned businesses, it is not just the local legislation, firm’s need to be aware that the UK Bribery Act and the US Foreign Corrupt Practices Act all have extra jurisdictional reach should the entity or individual involved be connected to either the UK or the US.
Combating bribery and corruption
Regulators across the Middle East expect firms to adopt a proactive, preventative approach to safeguarding the financial system by ensuring they have robust ABC procedures in place. Firms must implement a framework of controls to combat bribery and corruption within their organisation and these controls may need to take in to account more than just the local requirements. In fact, many firms look to implement international best practices no matter what regulations and legislation apply.
Given the still-growing prevalence of regulation in this area, many firms lack the expertise and resources to achieve sufficient comfort that they are doing enough to protect their firm from reputational damage or fiscal penalty and this is where CCL with its international background can assist.
How can we help?
Our anti-bribery and corruption support services include:
- Reviewing your Firm's existing controls to highlight critical risk areas and identifying any gaps or areas for improvement
- Creating new policies and procedures
- Designing and implementing a remediation plan
- On-going testing of systems
- Delivery of bespoke Anti-Bribery & Corruption Training.
What should you do now?
To make an enquiry or discuss your company’s situation in detail, please contact one of our experienced Anti-Bribery and Corruption specialists today.