Anti-Bribery and Corruption (ABC) services
Helping organisations strengthen their compliance framework
Bribery and corruption remain a significant fraud risk for businesses across the world. About two-thirds of all frauds reported in India tend to have a corruption angle. The cost of corruption is estimated to be five percent of the global GDP (US$3.6 trillion), with over US$1 trillion paid in bribes each year.
Prosecutors and regulators across the globe are becoming increasingly active in enforcing anti-corruption legislation. With the recent upward trend in corruption cases, combined with the changing regulatory landscape, governance standards, stakeholder expectations, and public sentiments around bribery and corruption, organisations and compliance officers need to relook at their compliance framework and establish a robust anti-corruption programme.
Organisations are not only required to ensure ABC legal compliances apply to them but also prevent the likelihood of reputation or financial damages due to bribery or corruption-driven incidents. They should take a proactive approach to create an ethical environment within the organisation.
How Deloitte can help
The amendments in the ABC regulatory space are a reminder that bribery and corruption continue to pose challenges to ethical business conduct. Deloitte has been working with organisations in India for many years to help them build robust ABC compliance programmes, identify suspicious activities, and respond to regulator queries. We work on the globally acknowledged “Adequate procedures” guidelines to build and review programmes.
Our key services include the following:
Proactive services
Recent developments in the anti-bribery and corruption regulatory space in India:
- Making directors financially liable for malpractices under the Companies Act, 2013, including criminal prosecution
- Digitisation of large-scale public procurements
- Introduction of Goods and Services Tax (GST), demonetisation, and other initiatives to minimise anonymity in transactions
- Amendment to the Prevention of Corruption Act in 2018 that penalises bribery of public officials and commercial organisations and the use of third parties for bribes; this has enhanced penal provisions and timelines to address cases
Leader Speaks: Aakash Sharma, Partner, Forensic - Financial Advisory
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