CGF ARTICLES, OPINIONS & EDITORIALS
BRIBERY: THE BOARD IS ACCOUNTABLE (2015-12-04)
December 4,
2015 11401 11401 
Article by Terrance M. Booysen and reviewed by Jaco de Jager (CEO: Association of Certified Fraud Examiners: SA Chapter)
Besides the more notable pieces of legislation that deal with bribery and corruption, which include the USA’s Foreign Corrupt Practices Act of 1977, the United Kingdom’s Bribery Act of 2010 and even South Africa’s Prevention and Combatting of Corrupt Activities Act 12 of 2004; now South African organisations will have to contend with even more anti-bribery controls.
Considering that South Africa reportedly loses between R25bn-R30bn each year due to bribery and corruption in state procurement alone, any additional anti-bribery measures should be welcomed with open arms.
As governance measures and controls continue to intensify across the world, organisations should be aware that they are legally obliged to comply with all bribery legislation which is applicable to them, no matter which legal jurisdiction they are operating in. So for example, a South African organisation that has any business dealings with the United Kingdom, they are required to comply with the anti-bribery laws of the UK as well as those of South Africa, despite the organisation not having a registered office in the United Kingdom.
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