Instances of corporate fraud and misconduct remain a threat to public trust and confidence in the capital markets. This is compounded as a significant number of companies are doing business in both local and foreign markets, or are considering doing so. Companies either operating in foreign jurisdictions, or considering doing so, are faced with both reward and risk. One of the major risks companies face is the risk of bribery and corruption, especially in emerging markets.
Three extra-territorial laws, the South African Prevention and Combating of Corrupt Activities Act, 2004 (PRECCA), the United States of America (US) Foreign Corrupt Practices Act 1977 (FCPA) and the United Kingdom (UK) Bribery Act legislation, governing acts of bribery and corruption abroad are important to South African entities operating in South Africa and also in foreign jurisdictions.
These laws impact companies that have South African as well as US or UK connections.
Under PRECCA, South African companies and their officials can be prosecuted for corruption committed locally and abroad by their employees. Similar provisions exist within the FCPA and the UK Bribery Act legislation.
KPMG`s Anti-Bribery and Corruption Assessment Tool allows organisations to compare their existing Anti-bribery compliance programmes to KPMG Forensic`s interpretation of international better practice. Comparing strategies can assist an organisation in defining its `waterline` and thus enabling it to further mitigate Anti-Bribery and Corruption risk which is hidden
Active Challenges, but closed for Entry
There are no ongoing challenges that are now closed for entry.