Companies need to have adequate anti-bribery processes that are effectively enforced. It is expected that the enforcement is performed at the top of the corporate hierarchy - boards and management - so that a strategy and objectives are set to promote the right culture. According to PwC’s Global Economic Crime Survey, in today’s global, interconnected environment, economic crime risk is a pervasive challenge.
Needless to say, the offering, giving or receiving of any reward for influencing the actions or behaviour of any individual is considered to be an act of bribery and is punishable under the Maltese Criminal Code. Corruption is intertwined with bribery as the commission of a dishonest action by a person or body entrusted with a position of authority and is done to benefit from a private gain.
Any individual involved in bribery will be liable to different imprisonment sentences depending on the stage of bribery that has been reached. This could vary from the period of offering, the acceptance and the failure to fulfill the action.
When the offender holds a high ranking office, has power of representation of a company, or holds authority to take decisions on behalf of a company, the said company may be liable to the payment of a fine (not less than €20,000 and not more than €2,000,000). Bribery and corruption are becoming a risk to all legal and physical persons so companies need to detect whether they are being exposed to these illegal activities.
It is the ultimate responsibility of a legal person’s management to identify and evaluate all the risks which make a company vulnerable to the acts of bribery and corruption. Several companies may notice that they do not currently have a systematic compliance procedure in light of preventing bribery or corruption. Ensuring robust and comprehensive procedures are in place and their operation is evidenced can take considerable time and resources.
Our Financial Crime Compliance Team can help you prepare, respond and emerge stronger from financial and economic crime disruption. PwC can help you to familiarize and implement leading anti-bribery and corruption industry practices and frameworks in line with applicable legislation in order to achieve the goal of having an honest employer, employee and a legal body free from all bribery and corruption. Our assistance may include:
Carrying out anti-bribery and corruption risk assessments
Due diligence exercises
Drafting clear practical and accessible policies and procedures
Assistance in the effective implementation of the anti-bribery and corrutpion framework
Ongoing monitoring and review
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