SFO investigating another firm for bribery in Unaoil caseDate:
19 Jul 2017
Another organization has been snared in the Unaoil scandal. This time it’s Amec Foster Wheeler, an energy support services group that is being investigated by the UK’s Serious Fraud Office (SFO) for possible bribery and corruption.
The company had indicated in May that it might be facing a probe by the SFO, but last week it confirmed that an official investigation was launched. An article in the Telegraph notes that payments are believed to have been made to third parties in an arrangement that can be used for bribery. The suspicions center around Amec Foster Wheeler’s £2.2bn merger with Wood Group.
According to the Telegraph article:
“If the investigations turn into full-scale prosecutions they could result in heavy fines which could deal a huge blow to the merged Amec-Wood business, as they would come after the tow had mergedthe companies could be liable for huge fines.
The merger is understood not to be at risk from the investigations – which insiders say are of a “historic” nature – but they do raise questions about how the combined business will fare.”
If the investigation uncovers bribery and corruption, it will just be another cautionary tale that organizations cannot afford to engage in such risky behavior – the penalties are too severe, as Unaoil, Petrobras and other large corporations have learned. And consequences go beyond staggering financial losses: they also lead to damage to reputation, making it difficult to engage new business opportunities and markets in the future.
This is why being certified to prevent and detect bribery, corruption and fraud is so important. A new standard, ISO 37001:2016 Anti-Bribery Management System, has been established to help companies worldwide increase and measure their efforts against bribery and corruption.
ISO 37001:2016 certifies that your organization has implemented reasonable and proportionate measures to prevent bribery. These measures involve top-level leadership, training, bribery risk assessment, due diligence adequacy, financial and commercial controls, reporting, audit and investigation.
Registered as a foremost ISO 37001:2016 Certification Body with the Dubai Accreditation Center (DAC) Government of Dubai, UAE, CRI Group has formally launched its ISO 37001:2016 Anti-Bribery Management Systems certification program. The program is offered under CRI Group’s ABAC® Centre of Excellence, an independent certification body established for Anti-Bribery Management System, Compliance Management System and Risk Management System certification.
ISO 37001:2016 specifies requirements and provides guidance for establishing, implementing, maintaining, reviewing and improving an anti-bribery management system. The system can be stand-alone or can be integrated into an overall management system. ISO 37001:2016 addresses the following in relation to the organization's activities:
- Bribery in the public, private and not-for-profit sectors;
- Bribery by the organization;
- Bribery by the organization's personnel acting on the organization's behalf or for its benefit;
- Bribery by the organization's business associates acting on the organization's behalf or for its benefit;
- Bribery of the organization;
- Bribery of the organization's personnel in relation to the organization's activities;
- Bribery of the organization's business associates in relation to the organization's activities;
- Direct and indirect bribery (e.g. a bribe offered or accepted through or by a third party).
CRI Group will tailor the ISO 37001:2016 program to your needs and requirements, helping your organization prevent, detect and respond to bribery and comply with anti-bribery laws and voluntary commitments applicable to its activities. So don’t delay – contact CRI Group and get your organization certified, and properly protected, today.