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Cayman Islands Takes a Zero-Tolerance Approach to Bribery and Corruption
In a move to promote ethical business practices, Cayman National Trust Company (Isle of Man) Limited, Cayman National Bank (Isle of Man) Limited, and its subsidiaries - collectively known as Cayman National Isle of Man or CNIOM - has issued an anti-bribery statement, pledging a culture of compliance with the Anti-Bribery & Corruption legislation.
Commitment to Ethical Business Practices
The statement outlines CNIOM’s commitment to conducting business in an ethical and honest manner, prohibiting bribery and corruption in all its forms. To ensure adherence to this policy, CNIOM expects clients, counterparties, and agents (collectively referred to as “Observers”) to adopt similar standards.
Prohibitions and Guidelines
In essence, Observers are prohibited from offering, promising, giving, soliciting, or receiving any financial advantage or other benefit directly or indirectly. Specifically, they must confirm that they will comply with all applicable laws relating to bribery and corruption, including the Anti-Corruption Laws.
- Compliance with Anti-Corruption Laws: Observers must comply with all Anti-Corruption Laws.
- Prohibition of Influence Peddling: Refrain from offering, giving, authorizing, soliciting, or accepting anything of value to influence government officials or secure improper performance.
- Prompt Reporting: Promptly report any requests or demands for undue financial advantages received directly or indirectly by officers, employees, consultants, affiliates, suppliers, agents, and subcontractors.
Additional Requirements
In addition, Observers must confirm that they have not been convicted of any offence involving bribery, corruption, fraud, or dishonesty, nor are they subject to any investigation or enforcement proceedings related to such offences.
What Constitutes Bribery?
Bribery, the statement emphasizes, does not only refer to cash transactions or facilitation payments. Anything of value that may influence a decision can be considered a bribe, including:
- Hospitality
- Gifts
- Travel
- Tickets for an event
Consequences of Non-Compliance
CNIOM reserves the right to terminate any relationship with clients if they know or have reasonable grounds to suspect that the relationship or activity is connected with or facilitates bribery or fraud.
Conclusion
The anti-bribery statement serves as a clear reminder of CNIOM’s commitment to ethical business practices and its zero-tolerance approach to bribery and corruption.