Section 17A of the MACC Act 2010 which came into effect on 1 June 2018 introduced a corporate liability provision whereby a company would be liable for the corrupt acts of their directors, employees and associates including third parties where such corrupt acts were done for the benefit of the company.
The consequences of a breach of Section 17A are not limited to penalties and fines but also huge reputational damage which may impact a company's business sustainability.
The new provision encourages companies to take appropriate steps to ensure that their business is conducted with integrity.
The Guidelines on Adequate Procedures was produced with the objective of assisting companies in implementing Adequate Procedures to prevent the occurrence of corrupt practices in their business operations. It shall be a defense for companies to show that they have implemented an effective Adequate Procedures.
This half-day programme provides an overview of the MACC Act 2010 as well as an in-depth explanation of Section 17A. It also offers practical guidance on implementing Adequate Procedures incorporating compliance best practices and considerations. The programme also offers insights into identifying key corruption risk areas, managing an effective whistle-blowing channel, monitoring and enforcement. An effective compliance programme requires the inculcation of a culture of integrity and the programme will provide guidance in developing an ethical organizational culture.
At the end of this session, participants should be able to:
