Numerous allegations of bribery and corruption, implicating both private individuals, public officials, and a number of South African entities have been publicised in the South African media in recent times. These allegations further suggested the involvement of global companies and foreign nationals. The unprecedented disruptions in the way we work, deviations from governance structures and heightened uncertainly, further increases the risks and occurrences of bribery and corruption.
PwC’s 2020 Global Economic Crime Survey revealed that 42% of South African companies have been victimized by bribery and corruption compared to the global average of approximately 30%. Local respondents also ranked bribery and corruption as the most disruptive/serious economic crime to impact their business in the 24 months which followed the survey.
Bribery and corruption is prohibited in terms of South African legislation and global entities and non-nationals may further face prosecution and penalties in terms of foreign statutes like the US Foreign Corrupt Practices Act, the UK Bribery Act and similar laws. Of late, anti-corruption authorities are strengthening their cross territory collaborations and stepping up enforcement efforts.
Our anti-bribery and corruption professionals have the knowledge, experience and global footprint to assist you in understanding, managing and responding to bribery and corruption threats and incidents. We can assist you in developing “best in class” compliance programs, raising awareness amongst your stakeholders, identifying compliance red flags in your organisation, conducting third party due diligence and investigating bribery and corruption allegations and incidents. Combined with our strong forensic investigation, digital forensic and data analytical capabilities, PwC can help you safeguard your reputation and financial stability and address the growing challenges of corruption across various jurisdictions and the ever-changing regulatory landscape.
