Asset Management & Investment Funds Q&A: June 2018

Question

What steps should funds and their service providers consider taking to prepare for Ireland's new anti-corruption laws?

Answer

Ireland's new anti-corruption laws will soon be formally commenced. To prepare for this change, funds and their service providers should take steps to manage the risk that someone working for, or with, their organisation could be involved in corruption in Ireland or abroad. Under the legislation, corporates (and their officers) can be held liable for bribery or corruption offences committed by employees, officers, agents or subsidiaries unless they can prove that they took all reasonable steps and exercised all due diligence to prevent such offences. Mandatory reporting obligations may also apply. Some practical steps are set out here.

You may also find the two videos helpful in understanding what you need to know about the legislation and the key steps to take.