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Bribery and Corruption
Bribery is the intentional offer, promise, giving or receipt of anything of value, whether or indirectly, to or from any person, for that person to act improperly or refrain from acting or to act in breach of performance of official or fiduciary duties or in breach of contractual or other obligations.
Corruption, on the other, hand involves the misuse of public office or public power for private gain by offering or promising anything of value, whether directly or indirectly, to a public official in order to obtain, retain or direct business or to secure any other improper advantage.
Bribery and corruption are serious offences in Malaysia and other jurisdictions around the world. Firms and individuals within the firm involved in bribery and corruption could face very serious criminal penalties and could suffer severe reputation damage.
In addition, bribery, corruption and money laundering are intrinsically linked. Similar to other serious crimes, corruption offences, such as bribery and theft of public funds, are generally committed for the purpose of obtaining private gain. Money laundering is the process of concealing illicit gains that were generated from criminal activity such as corruption. By successfully laundering the proceeds of a corruption offence, the illicit gains may be enjoyed without fear of being confiscated.
Thus, firms should establish a policy prohibiting bribery and corruption, and the Compliance Officer could assist in the formulation of such policy if none exists or assist in enhancing existing policy. In relation to monitoring, the Compliance Officer is responsible to:
(a) review the payment of any gifts and entertainment to or from any party on a regular basis. Gifts and business entertainment are normal in business dealings and on their own may not be illegal. However, gifts and entertainment which are lavish or of significant value can give risk of actual or perceived conflicts of interest and allegations of bribery or corruption.
(b) review any transfers or payments of anything of value to public officials. Note, however, that there is no minimum amount prescribed for bribery or corruption. Public official includes any official, officer or employee of any government, agencies and regulators, entities owned by government and government agencies and political parties.
(c) review the appointment of third party intermediaries or “middle men” to solicit business for the firm. Third party intermediaries may include consultants, agents, finders, introducers, joint-venture partners. Third party intermediaries should not be used to offer or arrange for bribes.
(d) review charitable or philanthropic or political donations to ensure that they are not used to disguise a bribery or corruption.
(e) train staff to increase awareness on the firm’s anti-bribery and corruption policy.
(f) escalate to the Board of Directors of the firm and make reports to the relevant regulators when bribery or corrupt practice is detected.
As a conclusion, bribery and corruption have a harmful impact on the growth of a country. It hinders the development of the economy and the country as a whole. We talk about equality amongst all and want equal opportunities for people but bribery and corruption stop this from happening. Therefore, all of us must collectively fight against this practice and begin practicing it from home, schools and higher institutions.
