Since its introduction, the Economic Crime and Corporate Transparency Act (ECCTA) has ushered in significant changes to corporate governance in the UK. Two of its most significant provisions are the failure to prevent fraud offence and the new identification doctrine which extends accountability for economic crimes to ‘senior managers’. These changes are likely to significantly impact…
Tag Archives: anti-corruption
As global compliance requirements expand, recent legislation such as the Corporate Sustainability Reporting Directive (2023) and the Corporate Sustainability Due Diligence Directive (2024) compel companies to focus on human rights and environmental impacts. However, corruption risks remain an important compliance consideration, particularly in high-risk sectors. Notably, while not always explicitly stated, the CSRD also requires…
While the EU’s Corporate Sustainability Due Diligence Directive (CS3D) has received much-deserved attention from businesses, corporates should not overlook the important developments in anti-corruption regulation the Commission made during 2023 which will be pursued further this year. On May 3rd, 2023, the EU Commission presented a new proposal to combat corruption. This followed on from…
On January 28, 2024, Transparency International, the world’s leading NGO in the fight against corruption, released its 2023 Corruption Perceptions Index (CPI). The CPI has been published annually since 1995. It provides an annual comparative snapshot of 180 countries based on perceived levels of public sector corruption, as determined by expert assessments and opinion surveys,…
Fraud is the most common offence in the UK, consisting of 41% of all reported crimes, with losses surpassing £2 billion in 2023. The Economic Crime and Corporate Transparency Act (ECCT) received parliamentary approval on 27 October, 2023. The act aims to crack down on fraud and fraudulent behaviour, specifically targeting large organisations, which are…
Risk is an inherent part of a business. It refers to the uncertainty, potential loss, or adverse outcomes a company may face due to its business activities. Businesses may encounter a variety of risks, including operational, behavioural, strategic, financial, legal, and reputational. However, there is one risk that encompasses all of these – corruption*. Bribery…
Andrew Feinstein, Executive Director at Shadow World Investigations opened the debate with his analysis of the key factors contributing to the current changing patterns in global trade, notably:Â Overall these factors are leading to changes for companies as supply-chains are reorganised and this is increasing corruption risk. Andrew also noted the increased risks related…
Over the last decade, legislators have been placing increasing demands on companies to build robust procedures to combat corruption, with potentially severe consequences for those that fail to respond. In our experience, companies that are struggling with anti-corruption compliance are often struggling with the more fundamental question of how to properly embed policies and procedures…
The war in Ukraine, Russian sanctions, Covid and Brexit have all added significant complications to shipping and freight transport. Writing for Small Business, GoodCorporation director Leo Martin explores the impact of these global developments and the steps needed to mitigate a growing range of corruption risks in shipping. As we say in this latest article,…
The link between human rights and corruption is well-known. It is also high on the agenda for many international organisations, including the United Nations and the OECD. Most countries have distinct legislation around both corruption and human rights. In France, companies of a certain size are required to implement specific compliance programmes to meet the…
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