Corruption involves dishonest or illegal behavior, deception, and/or concealment (whether for personal gain or perceived operational benefit).
DIFFERENCE BETWEEN CORRUPTION & BRIBERY
Corruption can typically include activities such as theft, misreporting, conspiracy, embezzlement, or financial crimes
such as money laundering, tax evasion, or terrorist financing.
Bribery is where a financial (or other) advantage is given or received to improperly induce performance of functions or activities, or to reward a person for already having done so. Examples of bribery include:
• the giving or receiving of cash, gifts, credits, discounts,
hospitality, travel, accommodation, services, or the awarding
of contracts to procure a personal or business advantage;
• inducing those with a public function to perform it improperly (e.g. to make a favorable decision);
• enticement to speed up routine actions or processes.
Individuals, employees, managers, directors, and companies can all be held accountable for bribing other individuals or organizations under the UK Bribery Act 2010 (UKBA), with serious or complex fraud and corruption overseen by the Serious Fraud Office (SFO) in England, Wales and Northern Ireland; in Scotland, by Police Scotland and the Crown Office and Procurator Fiscal Service.
Penalties for bribery offenses include imprisonment for up to 10 years
and unlimited fines. Directors may also be disqualified from acting as a director, and companies banned from entering into public sector contracts.
Reporting suspected bribery or corruption confidentially to its nominated contact - encourages our independent external reporting officer to undertake an investigation and where warranted to take action, often in some instances legally.
For financial crime matters, email: email@example.com