Hong Kong ICAC highlights bribery risk in insurance sector
HONG KONG -- Hong Kong's Independent Commission Against Corruption (ICAC) has issued a reminder to the insurance sector to remain vigilant in upholding a high integrity standard and to take a proactive stance against corruption.
Lawyers Baker McKenzie say that the ICAC has become increasingly active in the insurance sector, underlining the importance of the message to insurance companies to manage their risk by implementing appropriate compliance safeguards and internal controls.
BM says that, in 2021 alone, at least 16 individuals were charged by the ICAC for bribery and/or related offences like money laundering in at least six separate cases involving the insurance sector.
According to the ICAC's 2020 Annual Report, released in July 2021, the insurance subsector remains one of the areas that attracted the most private sector bribery complaints in the previous year.
On December 29, 2021, the ICAC uploaded three case studies concerning contraventions of the private sector bribery offences in the Prevention of Bribery Ordinance by insurance agents to its Corruption Prevention Advisory Services (CPAS) portal.
BM says the CPAS is a specialised unit within the ICAC dedicated to providing professional corruption prevention advice.