When people think of bribery and corruption, they often envision the exchange of suitcases full of money in dark alleys or invitations to lavish trips or events. The topic is also commonly associated with less developed countries or only certain sectors like construction or sports. The fact that Luxembourg consistently scores high in the Corruption Perception Index might lead some to believe that 'this doesn’t happen here'.
However, bribery and corruption often take much more subtle forms, e.g. the exchange of favours and information, concealed payments or circumvention of normal procedures.
In our global economic crime survey 2020, one-third of the respondents reported either having been asked to pay a bribe or losing an opportunity to a competitor whom they believed had paid a bribe.
Bribery and corruption are among the top types of experienced frauds. Out of the companies accused of committing a financial crime, corruption was one of the most frequent charges.
Still, most companies admit to lacking a programme to address bribery and corruption risk with half of all respondents either performing no due diligence or only informal third-parties due diligence. Fewer than 3 in 10 companies conduct limited testing of the operating effectiveness of their controls, and another 12% perform no testing at all.
PwC's Academy offers a training to raise awareness of the risks of bribery and corruption that companies and institutions face in Luxembourg and to explain how to manage those risks. The training provides an overview of international legislations on the topic and tips for implementing a robust compliance programme.
Duration: 1h
Language: Available in English
Number of participants: up to 15
Available under intra-company course (i.e. dedicated session on demand)
Objectives
By the end of the course, participants will be able to:
- explain the different forms of bribery and corruption;
- understand their extent in an international and national context;
- identify suspicious behaviours or suggestions;
- be more vigilant in their day-to-day tasks.
Content
This module covers the following:
- Overview of different forms of bribery and corruption
- International and national laws, regulations and penalties
- Components of an anti-bribery and anti-corruption programmes
- Requirements in other countries and sectors that can serve as a model
- Governance structures and internal controls
- Third party due diligence
- Risk assessments
- Case studies and discussion
Target audience
- Board members or management
- Internal auditors, compliance officers or risk managers
- Members of procurement and accounting departments
- Staff directly dealing with suppliers, providers and clients
- Senior staff members and supervisors
- New joiners
Our lead experts
This training is coordinated by Michael Weis, Partner at PwC Luxembourg. The training will be given by directors and managers who benefit from a strong professional experience in this area.
Michael is lead-partner for the Forensic Services practice and of the AML taskforce.
Michael is regularly acting as engagement leader for a large variety of forensic investigations including AML investigations, remediation and prevention projects in asset management and banking.
In this context he is also responsible for high-profile AML audit missions as part of the legal audit requirements for Luxembourg banks and investment funds.
As key contact of the AML distribution due diligence service for the asset management industry, Michael is regularly involved in country risk assessments and the review of laws and regulations of country AML frameworks.
Michael is coordinating projects with the global PwC forensic network and regularly involved in large scale international projects of PwC for investigations and FTS related work. Michael is part of the Global Forensic Network WG on L&D. as CFE (Certified Fraud Examiner).
Michael is recognised in Luxembourg and abroad as a subject matter expert on AML and forensic matters as a key member of the local industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA) for directors. Michael regularly facilitates workshops and trainings on AML and fraud, both in Luxembourg and internationally, in the asset management and banking sector. Michael is also an active member of the Local Compliance Officer Association (ALCO).
