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.
Article by Terrance M. Booysen (CGF: Chief Executive Officer) and peer reviewed by Louis Strydom (Partner: PricewaterhouseCoopers)
For the past number of years South Africa has been placed in the spotlight when it comes to matters such as crime and corruption, and most of the surveys dealing with this scourge have a consistent message that this situation is not improving. Once again, the PricewaterhouseCoopers 2014 Global Economic Crime Survey validates this dire situation where 69% of South African respondents indicated that they had experienced economic crime of various proportions. Alarmingly, this figure of affected organisations had increased nine percentage points higher than in the previous survey results which were recorded in 2011. Whilst the PwC Economic Crime Survey also noted a shift in the typical perpetrator (now being found in the senior management structures), most concerning is the fact that these perpetrators are typically males with university degrees who are aged between 31 and 40 and who have been with the same employer for over ten years.
Article by Terrance M. Booysen and peer reviewed by Sharon van Rooyen (Partner: EY)
It’s a fact. No matter which global or regional surveys a person may refer to, the latest 2014/15 surveys on economic crime all show that crime of this nature is on the increase. Economic crime -- particularly fraud and corruption
-- are causing organisations in both the public and private sector substantial financial losses, and increasing pressure on business to grow their revenues together with market volatility could be just some of the reasons why these crime statistics are increasing.
Article by Terrance M. Booysen and peer reviewed by Megan Grindell (Director: Carter DGF)
Irrespective of where you may live -- and no matter what your line of business and language may be -- universal thoughts most often expressed by people regarding corruption is obscured in darkness and negativity. Corruption is by no means something new; it has followed mankind throughout the ages and it continues to exist in various forms to include grand corruption, political corruption, corporate
and administrative corruption
, as well as petty
and systemic corruption