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GREENLAND: Types of Financial Fraud Revealed as Bank Takes a Stance Against Corruption

A recent policy update by the BANK of Greenland has shed light on the various forms of financial fraud that can be considered corrupt practices. The anti-corruption policy defines corruption as the misuse of entrusted power for private gain, mirroring the concept in Greenland’s Criminal Code and international anti-corruption conventions.

Corruption Takes Many Shapes

From bribery to embezzlement, and even includes non-monetary benefits such as preferential treatment or extra services. According to the BANK’s policy, there are seven types of corrupt practices that will not be tolerated:

1. Conflicts of Interest

When a person has a personal interest that could compromise their impartial judgment in official duties.

2. Bribery

Offering, giving, receiving, encouraging, or accepting something of value to influence an official’s conduct.

3. Extortion

Demanding or receiving money or property through intimidation, threats, or coercion.

4. Fraud

Deception or dishonesty to achieve a benefit or avoid liability for another party’s losses.

5. Embezzlement

Unlawfully taking or misusing funds entrusted to a person in a position of authority or trust.

6. Corruption Concerning Gifts

Offering, giving, requesting, or receiving gifts or financial benefits in exchange for services or favors.

7. Nepotism

Favouritism towards family members or friends without regard for their qualifications or professional judgment.

Bank’s Zero-Tolerance Stance on Corruption

The BANK of Greenland has taken a zero-tolerance stance on corruption and urges employees to report any suspected breaches to their immediate manager or compliance officer. The anti-corruption policy will be accessible on the Bank’s website and included in its annual report on corporate social responsibility.

Employee Awareness and Training

To ensure awareness among staff, the Bank will also conduct internal training sessions, post updates on the intranet, and provide guides and policies to help employees navigate ethical dilemmas.