October Monthly Regulatory Update

By Kyte Ekstrom | AML, Compliance, FCA Regulation, FinTech | 0 Comments

GENERAL REGULATION

UK Finance Publishes Report – Anti-bribery and Corruption Compliance -Definition of Public Officials 

UK Finance has worked with members to develop a practical and risk-based definition of ‘public officials’ for the purposes of anti-bribery and corruption compliance.

The report states that it is widely recognised that bribery of public officials is particularly damaging, with consequences including the distortion of fair competition, diversion of funds away from vital public services, corrosion of the rule of law and the undermining of national security. It is observed that the definition of ‘public official’ is currently ambiguous, owing to high-level international legal definitions of public official intersecting with national legislation and guidance.

UK Finance asserts that this ambiguity adds costs and delay to corporate anti-bribery and corruption efforts, and the intention of its report is to help firms define public officials by building on the UK Bribery Act 2010 definition to provide a practical risk-based approach.

Report: Anti-bribery and corruption compliance: Definition of public officials

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