Those aspiring to become Certified Anti-fraud Consultants must undergo the following courses:
New 2011 Edition. Embezzlement, graft, fraud and money laundering are among the hardest crimes to prosecute. Investigation is impossible without an understanding of the law, accounting, finance, and banking procedures. Law enforcement must have the proper weapons to combat the evolving sophistication of financial crimes. Financial Investigation and Forensic Accounting offers a thorough examination of current methods and legal concerns for the detection and prosecution of economic crime. The book guides law enforcement and prosecutors from detection through indictment and conviction. The mechanics of gambling, fraud and money laundering are explained. You will learn how prosecutors present the tax codes, off-shore banking laws, and the Racketeer-Influenced and Corrupt Organization (RICO) statutes to judges and juries. Financial Investigation and Forensic Accounting details the exacting legal standards for the successful execution of warrants, seizures and forfeitures. This book provides an invaluable approach to the detection and prosecution of economic crime.
The anti-bribery provisions of the FCPA make it unlawful for a U.S. person, and certain foreign issuers of securities, to make a payment to a foreign official for the purpose of obtaining or retaining business for or with, or directing business to, any person. Since 1998, they also apply to foreign firms and persons who take any act in furtherance of such a corrupt payment while in the United States.
The meaning of foreign official is broad. For example, an owner of a bank who is also the minister of finance would count as a foreign official according to the U.S. government. Doctors at government-owned or managed hospitals are also considered to be foreign officials under the FCPA, as is anyone working for a government-owned or managed institution or enterprise. Employees of international organizations such as the United Nations are also considered to be foreign officials under the FCPA. There is no materiality to this act, making it illegal to offer anything of value as a bribe, including cash or noncash items. The government focuses on the intent of the bribery rather than on the amount. The FCPA also requires companies whose securities are listed in the United States to meet its accounting provisions. See 15 U.S.C. § 78m. These accounting provisions, which were designed to operate in tandem with the anti-bribery provisions of the FCPA, require corporations covered by the provisions to make and keep books and records that accurately and fairly reflect the transactions of the corporation and to devise and maintain an adequate system of internal accounting controls. An increasing number of corporations are taking additional steps to protect their reputation and reducing exposure by employing the services of due diligence companies. Identifying government-owned companies in an effort to identify easily overlooked government officials is rapidly becoming a critical component of more advanced anti-corruption programs. Regarding payments to foreign officials, the act draws a distinction between bribery and facilitation or “grease payments”, which may be permissible under the FCPA but may still violate local laws. The primary distinction is that grease payments are made to an official to expedite his performance of the duties he is already bound to perform. Payments to foreign officials may be legal under the FCPA if the payments are permitted under the written laws of the host country. Certain payments or reimbursements relating to product promotion may also be permitted under the FCPA.
Officially Convention on Combating Bribery of Foreign Public Officials in International Business Transactions)
Countries that have signed the convention are required to put in place legislation that criminalizes the act of bribing a foreign public official. The OECD has no authority to implement the convention, but instead monitors implementation by participating countries. Countries are responsible for implementing laws and regulations that conform to the convention and therefore provide for enforcement. The OECD performs its monitoring function in a two-phased examination process. Phase I consists of a review of legislation implementing the conventions in the member country with the goal of evaluating the adequacy of the laws. Phase 2 assesses the effectiveness with which the legislation is applied.
Sections 1 to 5 of the Act cover “general bribery offences”. The crime of bribery is described in Section 1 as occurring when a person offers, gives or promises to give a “financial or other advantage” to another individual in exchange for “improperly” performing a “relevant function or activity”. Section 2 covers the offence of being bribed, which is defined as requesting, accepting or agreeing to accept such an advantage, in exchange for improperly performing such a function or activity. “Financial or other advantage” is not defined in the Act, but, according to Aisha Anwar and Gavin Deeprose in the Scots Law Times, “could potentially encompass items such as contracts, nonmonetary gifts and offers of employment”. The “relevant function or activity” element is explained in Section 3—it covers “any function of a public nature; any activity connected with a business, trade or profession; any activity performed in the course of a person’s
employment; or any activity performed by or on behalf of a body of persons whether corporate or unincorporated”. This applies to both private and public industry, and encompasses activities performed outside the UK, even activities with no link to the country. The conditions attached are
that the person performing the function could be expected to be performing it in good faith or with impartiality, or that an element of trust attaches to that person’s role.Under Section 4, the activity will be considered to be “improperly” performed when the expectation of good faith or impartiality has been breached, or when the function has been performed in a way not expected of a person in a position of trust. Section 5 provides that the standard in deciding what would be expected is what a reasonable person in the UK might expect of a person in such a position. Where the breach has occurred in a jurisdiction outside the UK, local practises or customs should be disregarded when deciding this, unless they form part of the “written law” of the jurisdiction; “written law”
is given to mean any constitution, statute or judicial opinion set down in writing. The general offences also cover situations where the mere acceptance of such an advantage would constitute improperly performing relevant functions or activities.
Public servants (for definition of “public servant”, please refer to the Text of the Law) include prescribed officers and employees of public bodies. Prescribed officers are subject to Sections 3, 4, 5 and 10 of POBO while employees of public bodies (e.g. power company, bus company, hospital, etc) are subject to Sections 4 and 5:
No prescribed officer is allowed to solicit or accept any advantage without the general or special permission of the Chief Executive.
Any public servant who solicits or accepts any advantage as an inducement to or reward for performing duties shall be guilty of an offence; the offeror of the advantage shall also be guilty of an offence.
Any public servant who solicits or accepts any advantage as an inducement to or reward for giving assistance or using influence in matters relating to a contract shall be guilty of an offence; the offeror of the advantage shall also be guilty of an offence.
Section 10: Any prescribed officer who maintains a standard of living or has assets not commensurate with his official emoluments shall be guilty of an offence.
“Advantage” includes money, gifts, loans, commissions, offices, contracts, services, favours and discharge of liability in whole or in part, but does not include entertainment. “Entertainment” means the provision of food or drink, for consumption on the occasion when it is provided, and of any other entertainment provided at the same time, for example singing and dancing. Although the acceptance of entertainment does not breach the POBO, individual departments will still stipulate the conditions for staff’s acceptance of entertainment.
1.5-hour Tutorial + 1-1.5hour of Guest Speaker Lecture on sharing experience from different walks of professional life: the Police; ICAC; Forensic Accountants; Computer Forensics; most of them are either holders of CPA + CFE or FCPA; 6 tutorial/lecture sessions + 2-3hour open book examination and final project (total 72 hours).
- All those who attend this training and have basic degrees and experience in consulting will also become CFIPs (Certified Forensic Investigation Professional)
- All business and government executives who attend and complete this course will be awarded the CACC designation without automatically qualifying for the CFIP if they do not have the basic requirements in 1 above.
- One can also become CACC through grandfathering process.