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Non-State Actors in Asset Recovery

Edited By Daniel Thelesklaf and Pedro Gomes Pereira

Non-state actors are of fundamental importance in the prevention and combating of corruption within asset recovery processes. Their roles and responsibilities were considered during an experts’ meeting hosted by the Basel Institute on Governance and the International Anti-Corruption Academy in September 2010.
This book contains essays presented at the meeting, written by practitioners and academics with extensive experiences in the numerous fields which comprise asset recovery processes. The contributions offer a diversity of views on roles which non-state actors (can) play in preventing and combating corruption and other forms of financial crimes.
The editors conclude by offering insights into ongoing challenges in asset recovery processes and ways to overcome these challenges.


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MARKUS E. SCHULZ - The role of financial institutions in anti-bribery and anti-corruption efforts 131


MARKUS E. SCHULZ The role of financial institutions in anti-bribery and anti-corruption efforts I. Challenges and opportunities for an insurance company in its anti-bribery, anti-corruption and anti-money laundering efforts Corruption and bribery are prevalent in all sectors and are not specific to the Financial Services industry. This sector, however, is facing some unique challenges in these fields and a specific combination of them, because such companies can be exposed to these risks in a number of ways. When zooming in on the insurance sector it becomes apparent that bribery and corruption are critical topics across the entire value chain. Insurance companies are exposed to potential bribery and cor- ruption risks when closing new deals, when settling claims, when pur- chasing large goods and services contracts and of course the risk that the proceeds of bribery and corruption will be placed with an insur- ance company in a number of products. As a result, this is a very important topic in the insurance industry which receives due attention from both the business and compliance functions. Many, if not all, companies have had measures, rules and controls in place for years which have been driven by local anti-bribery and anti-corruption regulations as well as extraterritorial ones such as the FCPA of the USA and more recently the Bribery Act in the UK. While those extraterritorial regulations have not fundamentally changed the way insurance companies conduct business, they have triggered reviews, enhancements and a further globalisation of their anti-bribery and anti-corruption frameworks. 132...

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