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SESSION 1 “Corruption and Fraud Prevention in Business”

Corruption and fraud are amongst the most recurrent problems businesses are confronted with, both at local and global level. The efficient and proactive tackling of the risks and vulnerabilities originating in these issues is first and foremost a legal and corporate governance obligation, and secondly a vector for a sustainable business. ‘Asking people nicely’ to resist corruption is a naïve endeavour, though practiced by some organisations (particularly in the Romanian public sector); for- and non-profit organisations likewise need to design, implement, enforce, review and improve internal prevention mechanisms.

During this session, you will benefit from an in-depth understanding of the complex issues at hand (e.g., procurement fraud, conflict of interests, political involvement, economic performance v./and facilitation payments, misuse of company assets for personal gains etc.). The best practices presented by our speakers will be food for thought for those looking for solutions to their own challenges.


Session Chair: Codru Vrabie (Funky Citizens)

Forum Agenda | February 11, 2016

08.30.–09.00.   Registration & Welcome Coffee
09.00.–10.30.   SESSION 1 “Corruption and Fraud Prevention in Business”
10.30.–10.45.   Coffee Break
12.15.–13.30.   Networking Lunch
15.00.–15.15.   Coffee Break
16.45.–17.15.   CONCLUDING REMARKS





Getting It Wrong: a case study of inadequate systems and procedures – and what the failure cost.

Managing Partner
McGregor & Partners

The UK’s Bribery Act 2010 offence of failing to prevent bribery – and the scope of the defence that there were adequate procedures to prevent bribery – are a novel way of changing the culture of international business. Although they may have seemed remote and theoretical, the UK authorities are actively enforcing this law, including in relation to foreign bribery. As well as reports of current investigations and prosecutions, there are now reported cases which illustrate what the UK authorities think is necessary to bring a successful defence of “adequate procedures”. This gives participants an opportunity to reflect on whether “industry standard” practices really are adequate procedures – particularly in high-risk businesses and in countries such as Romania – and to learn by other people’s mistakes. The reported cases also give an insight into what penalties are likely to be imposed if companies get it wrong.

US Foreign Corrupt Practices Act (FCPA): What? Why? And How do we get out of this Mess!

Managing Partner
Vernon | David

Have you ever wondered what the FCPA is all about? Or why, if you are only doing business in Romania or the region, it might be important to you and your company?  Charles is a US qualified lawyer and compliance specialist who has spent over 20 years working in Eastern Europe and the Middle East. His presentation will cover the history of the FCPA and its basic framework, explain why it is important to local and regional businesses as well as address the various means and methods for creating a strong and positive compliance culture.

National Integrity Standards State Owned and Private Enterprises

Head of National Office for Crime Prevention and Co-Operation with Asset-Recovery
Romanian Ministry of Justice

This presentation will review the current legal standards, as well as preventive anticorruption measures in place in Romania. It will focus on standards which have impact also on the activities carried out by the state owned and private companies. Furthermore, the speaker will provide an overview regarding the 2016 – 2020 national anticorruption policy, currently in the process of being developed. This will provide participants with opportunity to reflect on current practices, challenges and opportunities for measures to be included as key priorities for the next years. Furthermore, the conclusions of the event will be formally submitted to the Strategy drafting group as an input for the design of the new policy and action plan.

The Due Diligence Holy Grail – How Well Do You Know Who You Know?

Product Manager Compliance
Bureau Van Dijk

We will discuss common issues faced whilst conducting company due diligence including: Uncovering ‘unknown risk’ – Often, only a small percentage of clients and business partners are assessed, let alone monitored effectively. Is comprehensive coverage unaffordable? Company verification – Reliance on poor quality company data severely impacts the effectiveness of any due diligence programme. Inaccurate company names can be just the start of where things go wrong. Data reliability – Reliance on information provided by the client or business partner can represent a significant weakness. Are you vulnerable? Corporate Ownership Structures – Having knowledge of controlling shareholders for OFAC compliance is just one example of our increasing need for structured company data. Complexity is not an excuse for non-Compliance. How structured is your data? Compliance as the last check? – Quite often, the Compliance department is placed in a difficult position of halting a relationship, often when much work has already been completed by the front office. By front-loading a simple check, it can be determined if there are obvious barriers to conducting business straight away. More detailed due diligence can always be completed at a later stage.