International Foreign Bribery Taskforce publishes guidance on indicators of foreign bribery

The International Foreign Bribery Taskforce (IFBT) has published a guidance document, “Indicators of Foreign Bribery”, to help organisations prevent, detect and address potential incidents of foreign bribery by identifying common risk indicators. The guidance highlights indicators such as ownership of a high-value property portfolio disproportionate to income, registering a charity with the same name as a company, unusual secrecy around transactions or contracts including reluctance to share financial records, shareholdings held through layers of complex ownership, and awarding contracts to suppliers that lack apparent capability. It notes that some indicators can also be present in other financial crimes, including money laundering, and should be assessed in the wider context of a company’s operations and risk profile; the IFBT comprises the New Zealand Serious Fraud Office, New Zealand Police, Australian Federal Police, the Federal Bureau of Investigation, the United Kingdom National Crime Agency, the United Kingdom Serious Fraud Office, and the Royal Canadian Mounted Police.