Bribery and Corruption Update
The first Deferred Prosecution Agreement (DPA) in the United Kingdom highlights the Serious Fraud Office’s (SFO) “no tolerance approach” to bribery and corruption.
Three years of investigations by the SFO into ICBC Standard Bank plc and its Tanzanian unit, Stanbic Bank Tanzania Ltd, culminated in the UK’s first DPA in November 2015.
In this insight we explore the background of DPAs, and look at the circumstances surrounding the first one entered into in the United Kingdom. We examine how self-reporting and cooperation with the authorities can limit the adverse effects of prosecution, and we list some of the issues for companies to consider when entering into a DPA.
Typical directors and officers (D&O) insurance policies cover management for the costs incurred by them when facing bribery allegations, but typically do not extend to cover the company itself. We outline some of the things individuals should look out for in their D&O policy, and how to take a proactive approach to checking your cover.