News Update UK to help PHL eradicate fraud, improve transparency

The British government will help the Philippines stop money laundering, fraud and other economic crimes, as well as improve transparency. Richard Alderman, director of the United Kingdom’s Serious Fraud Office (SFO) met with officials of the Bureaus of Customs and Internal Revenue, the Office of the Ombudsman, and Sandiganbayan to discuss Britain’s best practices in preventing and eradicating fraud and corruption. SFO handles investigations and prosecutions in cases of fraud and overseas corruption. “The Philippines is doing many good things. There is a strong top-level commitment to good governance in the Philippines, led by President Aquino. Without that commitment, it wouldn’t be possible to eradicate corruption and get people out of poverty,” Alderman said in a statement. He emphasized the need to push for ethical practices in businesses, civil society, and the academe in order to improve competitiveness. “A corporation with an anti-corruption culture will increasingly be seen as having a commercial advantage. The best people will want to work in corporations with a strong anti-corruption culture,” he added. According to the SFO official, worldwide trends point toward vigorous enforcement of antifraud laws and pressure for more prosecutions and asset forfeiture. As such, it would be important for government to create legal frameworks that would prevent and penalize fraud, making it necessary to pass the Freedoom of Information bill and the Anti-Money Laundering Act to promote transparency. In Britain, the Bribery Act of 2010 punishes people caught offering and receiving a bride, and even penalizes failure to prevent bribery. “Seen as one of the toughest anti-corruption measures in the world, the Bribery Act covers British firms operating abroad and foreign corporations, including Philippine firms, with operations in the UK,” Alderman said. He added that the law makes sure that corporations operate on equal footing by preventing unethical companies from having undue advantage. For the Philippines, Alderman said that eradicating corruption in the prosecution of cases would be the next step, albeit a difficult one. This would be a way for the government to show that it is serious in facing fraud, he noted. “It [sends] a real signal to corporations and government agencies that we will enforce the law against them. And the impact has been great. It will take time, but I have no doubt the Philippines will see that too,” said Alderman. — BC/VS