Tag Archives: Bribery

Tackling Economic Crime Awards 2019: Call for Nominations

Entries are now open for the inaugural Tackling Economic Crime Awards (TECAs) organised by the World Excellence Awards team who also run the Outstanding Security Performance Awards (OSPAs).

The TECAs are independent and designed to acknowledge companies, initiatives, individuals and teams who have made an outstanding contribution to tackling economic crime, including any area of fraud, money laundering, bribery and corruption.

The awards are free to enter and open to anyone working in the UK and operating in the public, private or third sectors. 

TECALogo 

Commenting on the TECAs, founder Professor Martin Gill CSyP said: “These awards are different. Judges are nominated by fraud specialist associations and groups and all of the leading ones are involved. The Judges mark to an ethics policy and there’s an ethical sponsorship policy in place, too.”   

The entry process is open until 1 August 2019. Nominations are now invited in the following categories:

* Outstanding Manager or Director

* Outstanding Team

* Outstanding Customer Service Initiative

* Outstanding Training Initiative

* Outstanding New Product

* Outstanding Training Initiative

* Outstanding Partnership

* Outstanding Investigator

* Outstanding Policing Initiative

* Outstanding Young Professional

* Outstanding Cyber Company

* Outstanding Female Professional

* Outstanding Prevention Initiative

* Lifetime Achievement Award 

Winners of the TECAs will be announced at a prestigious Awards Ceremony to be held on Monday 9 December at the Sheraton Grand Hotel on London’s Park Lane.

*Information on the nomination criteria and how to enter can be accessed online at www.thetecas.com

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Financial Conduct Authority forges ahead of SFO with bribery prosecutions

The newly-formed Financial Conduct Authority (FCA) has stolen a march on the UK’s lead bribery prosecutor the Serious Fraud Office (SFO) in its prosecution of bribery and corruption, EY’s latest Bribery Digest has found.

The digest, which tracks bribery prosecutions in the UK, found that the Serious Fraud Office has not completed a case since July 2012.

In contrast, the FCA’s announcement of a £1.8 million fine in December against an insurance and brokering firm has seen the agency forge ahead with a focus on cracking down on bribery, despite being in existence in its current form for less than a year and juggling competing priorities.

Local police forces and Scotland’s Crown and Procurator Fiscal Service picked up the remaining three cases in this period.

Cost of bribery and corruption

The absence of cases from the UK’s lead prosecutor comes despite findings in a report last month that bribery and corruption costs the EU economy £99 billion on an annual basis, while 64% in the UK believe corruption is common.

The newly formed Financial Conduct Authority has stolen a march on the UK’s lead bribery prosecutor the Serious Fraud Office in its prosecution of bribery and corruption, EY’s latest Bribery Digest has found

The newly formed Financial Conduct Authority has stolen a march on the UK’s lead bribery prosecutor the Serious Fraud Office in its prosecution of bribery and corruption, EY’s latest Bribery Digest has found

The EU report also called for a bigger crackdown on UK firms bribing their way into contracts abroad.

Jonathan Middup, EY UK’s head of anti-bribery and corruption, said: “Not only is there a wealth of evidence that bribery and corruption around the world is continuing, but organisations are increasingly attuned to uncovering and reporting their suspicions. The pipeline of cases for the SFO is ever-growing.”

Middup continued: “However, the major prosecution in the past 18 months has come not under the Bribery Act, but the entirely unheralded Principle 3 of the FCA’s Principles for Business. It states that firms must take reasonable care to control their affairs with adequate risk management, in effect leaving FCA regulated firms far more exposed than other companies subject only to the Bribery Act.”

In conclusion, Middup commented: “In its first case, the FCA has made clear that any failures will be severely punished where a company has checks in place to manage risks, but does not use them effectively. This is a major wake up call to financial firms regulated by the FCA that tick box compliance will not be tolerated and that bribery and corruption is on their radar.”

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