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What are the Penalties for Non-Compliance?
The legal penalties that regulators (such as the United States Securities Exchange Commission) can impose on corrupt persons are quite severe and could include:
- Sentences up to a maximum of life imprisonment,
- Civil enforcement actions,
- Having to return any property or money, for example, that the persons have obtained through corruption, and
- Inclusion on the Register for Tender Defaulters and being prevented from entering into lucrative public sector contracts.
The other serious implications include:
- Fines and possibly imprisonment,
- Reputational damage,
- Having to defend against lawsuits for breach of anti-bribery and corruption contractual clauses, and
- Losing customers (and employees) and being unable to attract new ones.
But your main motivation for complying with anti-bribery and corruption laws should be to protect people and our society from the serious harm that corrupt activities cause.