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There are many takeouts from Transparency International’s 2017 Corruption Perceptions Index (CPI), released in February 2018.
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The practice of law is being transformed by Artificial Intelligence (AI). In many ways they are congruent as both the practice of law and AI look to historical examples in order to infer rules to apply to new situations.
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The single biggest negative factor that could potentially arise from an organisation’s relationship with its third-parties is risk.
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In the past 20 years, threats and incidents of terrorism have grabbed global headlines and urged nations to step up laws against not only the act but also the financing of terrorist activities.
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Corruption involves a wide range of activities including bribery and dishonest or fraudulent practices by relatively powerful people.
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Small businesses are as much at risk of financial crimes, such as money laundering, tax evasion, and terrorist financing activities, as their larger counterparts.
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Financial crimes harm South Africans in many ways but fundamentally, they contribute to the depletion of funds and resources that should be put towards the country's development.
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The prevention and mitigation of bribery and corruption is an obligation placed on companies by the UK Bribery Act 2010, which states that companies must implement effective controls, measures and due diligence to demonstrate their commitment towards preventing bribery as a matter of priority.
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Businesses and third parties share complex relations. While each will prioritise their own bottom line, they need each other in order to operate.
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With increasing global focus on limiting illegal activities such as bribery, corruption, illicit proceeds, money laundering, terrorist financing and other financial crimes, the review of third-party financial health within due diligence is more critical than ever.