Multinationals Face Herculean Task to Stay Compliant with Global Anti-Bribery Laws
As multinational companies operate across borders, they must navigate a complex web of anti-bribery laws and regulations. Failure to comply can result in severe consequences, including fines, reputational damage, and even criminal charges.
The Importance of Compliance
The US Foreign Corrupt Practices Act (FCPA), the Organisation for Economic Co-operation and Development (OECD) Anti-Bribery Convention, and similar statutes impose strict penalties on companies that engage in bribery or corrupt practices. To stay compliant, multinationals must implement robust internal controls, conduct regular audits, and investigate allegations of misconduct.
Data Analytics Plays a Critical Role
KPMG’s advanced data analytics tools and methodologies can help limit exposure to bribery and corruption by providing proactive, sustainable intelligence. By analyzing vast amounts of data, KPMG professionals can identify potential risks, detect fraud and misconduct, and provide insights that inform business decisions.
Bermuda’s Bribery Act 2016: A Game-Changer
In December 2016, Bermuda passed the Bribery Act, which has a near-universal jurisdiction. The Act criminalizes bribery committed anywhere in the world by companies incorporated in Bermuda or individuals with links to the island. The extraterritorial application of the Act covers companies that conduct business in Bermuda, regardless of where the misconduct occurred.
Commercial Organisations Must Prevent Bribery
The Act requires commercial organisations to put in place procedures to prevent bribery by persons associated with them. KPMG’s guidance document outlines six principles for effective prevention:
- Proportionate procedures
- Top-level commitment
- Risk assessment
- Due diligence
- Communication (including training)
- Monitoring and review
Forensic Technology: A Key to Success
In today’s digital age, organisations face overwhelming amounts of electronically stored information. KPMG’s forensic technology services can help manage data, identify valuable information, and provide insights that inform business decisions.
Our professionals offer a full spectrum of services, including:
- Information life-cycle management
- Enterprise data risk management
- Forensic data identification and collection
- Managed Review Services
- Forensic Technology Consulting
- Sophisticated Data Analytics capabilities to detect fraud and misconduct
Conclusion
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Staying compliant with global anti-bribery laws requires significant effort and resources. Multinationals must implement robust internal controls, conduct regular audits, and investigate allegations of misconduct. KPMG’s advanced data analytics tools, forensic technology services, and expertise in anti-bribery law can help organisations navigate this complex landscape and minimize the risk of non-compliance.