Consistent review of all business partners and potential acquisition targets is the cornerstone of a successful anti-corruption compliance programme, and means a company knows who they are really doing business with.
London (PRWEB) April 8, 2010
World-Check has welcomed the House of Commons decision yesterday to pass the UK Bribery Bill. In several aspects the Bribery Act will be more complex than equivalent international laws, and will also apply to foreign companies operating in the UK.
"Any company not actively examining the history of its 3rd party relationships to determine exposure to bribery and corruption risk will have significant difficulties in being able to demonstrate compliance with the new law." said Daniel Peak, Chief Executive Officer of World Check. "Consistent review of all business partners and potential acquisition targets is the cornerstone of a successful anti-corruption compliance programme, and means a company knows who they are really doing business with."
The World-Check Bribery Act solution has been developed for multinational organisations as part of an effective compliance programme. This new solution provides individual due diligence reports on partners, service providers, vendors, and employees, providing relevant and reliable data to support well informed risk decisions across all levels of the business. While planned, consistent review of those relationships ensures information is kept relevant and current.
Failure to prevent bribery will be a corporate offence under the Bribery Act and only where 'adequate procedures' can be demonstrated to be in place and consistently applied can this be used as a defence against prosecution. Under the new law companies and partnerships face an unlimited fine if found guilty of failure to prevent bribery, and individuals face a maximum penalty of 10 years.
To find our more about the Bribery Act solution please visit the World-Check website http://www.world-check.com
Trusted by more than 3,800 institutions in over 160 countries, including 49 of the world's top 50 banks, World-Check offers an end-to-end solution for assessing, managing and remediating financial, regulatory and reputational risks. World-Check's global database of Politically Exposed Persons (PEPs) and heightened risk individuals and entities, due diligence reports, passport verification and country risk assessment tools provide the means to address the full spectrum of risk across all markets and industries. Represented across five continents, World-Check's international research team monitors emerging risks in more than 50 languages, covering over 240 countries and territories worldwide.
For more information visit http://www.world-check.com/