BRIBERY, FACILITATION, and UNETHICAL PAYMENTS
1.1 It is the policy of CFP TECHNOLOGY FZCO (“CFP TechnologyFZCO”} to conduct all of our business in an honest and ethical manner. We take a zero-tolerance approach to bribery and corruption and are committed to acting professionally, fairly, and with integrity in all our business dealings and relationships wherever we operate and implementing and enforcing effective systems to counter bribery.
1.2 We will uphold all laws relevant to countering bribery and corruption in all the jurisdictions in which we operate. However, we remain bound by the laws of the UAE, including Federal Law No. 31/2021, in respect of our conduct both at home and abroad.
1.3 The purpose of this policy is to:
(a) set out our responsibilities, and the responsibilities of those working for us, in observing and upholding our position on bribery and corruption; and
(b) provide information and guidance to those working for us on how to recognize and deal with bribery and corruption issues.
1.4 Bribery and corruption are punishable for individuals by up to five years' imprisonment and a fine to be no less than five thousand dirhams. if the company is found to have taken part in corruption, we could face civil and criminal liabilities and serious reputational damage. We, therefore, take our legal responsibilities very seriously.
1.5 In this policy, the third party means any individual or organization you come into contact with during the course of your work for us and includes actual and potential clients, customers, suppliers, distributors, business contacts, agents, advisers, and government and public bodies, including their advisors, representatives and officials, politicians and political parties.
WHO IS COVERED BY THE POLICY?
1.6 This policy applies to all individuals working at all levels and grades, including senior managers, officers, directors, employees (whether permanent, fixed-term, or temporary), consultants, contractors, trainees, seconded staff, homeworkers, casual workers and agency staff, volunteers, interns, agents, sponsors, or any other person associated with us, or any of our subsidiaries or their employees, wherever located (collectively referred to as workers in this policy).
WHAT IS BRIBERY?
1.7 A bribe is an inducement or reward offered, promised, or provided in order to gain any commercial, contractual, regulatory, or personal advantage.
GIFTS AND HOSPITALITY
1.8 This policy does not prohibit normal and appropriate hospitality (given and received) to or from third parties.
1.9 Employees of The Company may not offer to, or accept from, third parties, any gifts, hospitality, rewards, benefits, or other incentives that could affect either party’s impartiality, influence a business decision, or lead to the improper performance of an official duty.
Employees must, at all times, consider the following guidelines and must ensure that the gift or benefit:
- Is being provided openly and transparently, and is of a nature that will not cause the Company embarrassment, if publicly reported;
- Complies with local laws and regulations;
- Meets the value limits set by The Company and has all required approvals.
In cases of uncertainty, employees must seek advice from the compliance officer beforehand.
Employees must seek prior approval from the compliance officer for all gifts or benefits received or offered with a value of more than AED 918.00 or equivalent prior to final acceptance.
Approval must be given in writing and records of gifts received or given must be recorded in a specific log for such a purpose and be overseen by compliance.
1.10 We appreciate that the practice of giving business gifts varies between countries and regions and what may be normal and acceptable in one region may not be in another. The test to be applied is whether in all the circumstances the gift or hospitality is reasonable and justifiable. The intention behind the gift should always be considered.
WHAT IS NOT ACCEPTABLE?
1.11 It is not acceptable for you (or someone on your behalf) to:
(a) give, promise to give, or offer, a payment, gift, or hospitality with the expectation or hope that a business advantage will be received, or to reward a business advantage is already given;
(b) give, promise to give, or offer, a payment, gift, or hospitality to a government official, agent, or representative to "facilitate" or expedite a routine procedure;
(c) accept payment from a third party that you know or suspect is offered with the expectation that it will obtain a business advantage for them;
(d) accept a gift or hospitality from a third party if you know or suspect that it is offered or provided with an expectation that a business advantage will be provided by us in return;
(e) threaten or retaliate against another worker who has refused to commit a bribery offense or who has raised concerns under this policy; or
(f) engage in any activity that might lead to a breach of this policy.
FACILITATION PAYMENTS AND KICKBACKS
1.12 We do not make, and will not accept, facilitation payments or "kickbacks" of any kind.
1.13 If you are asked to make a payment on our behalf, you should always be mindful of what the payment is for and whether the amount requested is proportionate to the goods or services provided. You should always ask for a receipt that details the reason for the payment. If you have any suspicions, concerns, or queries regarding a payment you should raise these with the compliance officer.
1.14 Kickbacks are typically payments made in return for a business favor or advantage. All workers must avoid any activity that might lead to, or suggest, that a facilitation payment or kickback will be made or accepted by us.
1.15 We do not make contributions to political parties.
1.16 We do not make charitable donations.
1.17 You must ensure that you read, understand and comply with this policy.
1.18 The prevention, detection, and reporting of bribery and other forms of corruption are the responsibility of all those working for us or under our control. All workers are required to avoid any activity that might lead to, or suggest, a breach of this policy.
1.19 You must notify the compliance officer as soon as possible if you believe or suspect that a conflict with this policy has occurred, or may occur in the future. For example, if a client or potential client offers you something to gain a business advantage with us, or indicates to you that a gift or payment is required to secure their business. Further "red flags" that may indicate bribery or corruption are set out in Schedule 1.
1.20 Any employee who breaches this policy will face disciplinary action, which could result in dismissal for gross misconduct. We reserve our right to terminate our contractual relationship with other workers if they breach this policy.
1.21 We must keep financial records and have appropriate internal controls in place which will evidence the business reason for making payments to third parties.
1.22 You must declare and keep a written record of all hospitality or gifts accepted or offered, which will be subject to managerial review.
1.23 You must ensure all expense claims relating to hospitality, gifts, or expenses incurred to third parties are submitted in accordance with our expenses policy and specifically record the reason for the expenditure.
1.24 All accounts, invoices, memoranda, and other documents and records relating to dealings with third parties, such as clients, suppliers, and business contacts, should be prepared and maintained with strict accuracy and completeness. No accounts must be kept "off-book" to facilitate or conceal improper payments.
HOW TO RAISE A CONCERN
You are encouraged to raise concerns about any issue or suspicion of malpractice at the earliest possible stage. If you are unsure as to whether a particular act constitutes bribery or corruption, or if you have any other queries, you should speak to your compliance officer.
WHAT TO DO IF YOU ARE A VICTIM OF BRIBERY OR CORRUPTION
1.25 It is important that you tell the compliance officer as soon as possible if you are offered a bribe by a third party, are asked to make one, suspect that this may happen in the future, or believe that you are a victim of another form of unlawful activity.
1.26 Workers who refuse to accept or offer a bribe, or those who raise concerns or report another's wrongdoing, are sometimes worried about possible repercussions. We aim to encourage openness and will support anyone who raises genuine concerns in good faith under this policy, even if they turn out to be mistaken.
1.27 We are committed to ensuring no one suffers any detrimental treatment as a result of refusing to take part in bribery or corruption, or because of reporting in good faith their suspicion that an actual or potential bribery or other corruption offense has taken place or may take place in the future. Detrimental treatment includes dismissal,
disciplinary action, threats, or other unfavorable treatment connected with raising a concern. If you believe that you have suffered any such treatment, you should inform the compliance officer immediately. If the matter is not remedied, and you are an employee, you should raise it formally using our Grievance Procedure.
TRAINING AND COMMUNICATION
1.28 Training on this policy forms part of the induction process for all new workers. All existing workers will receive regular, relevant training on how to implement and adhere to this policy.
1.29 Our zero-tolerance approach to bribery and corruption must be communicated to all suppliers, contractors, and business partners at the outset of our business relationship with them and as appropriate thereafter.
WHO IS RESPONSIBLE FOR THE POLICY?
1.30 The board of directors has overall responsibility for ensuring this policy complies with our legal and ethical obligations, and that all those under our control comply with it.
1.31 The compliance officer has primary and day-to-day responsibility for implementing this policy and for monitoring its use and effectiveness. Management at all levels is responsible for ensuring those reporting to them are made aware of and understand this policy and are given adequate and regular training on it.
MONITORING AND REVIEW
1.33 The compliance officer will monitor the effectiveness and review the implementation of this policy, regularly considering its suitability, adequacy, and effectiveness. Any improvements identified will be made as soon as possible. Internal control systems and procedures will be subject to regular audits to provide assurance that they are
effective in countering bribery and corruption.
1.34 All workers are responsible for the success of this policy and should ensure they use it to disclose any suspected danger or wrongdoing.
1.35 Workers are invited to comment on this policy and suggest ways in which it might be improved. Comments, suggestions, and queries should be addressed to the compliance manager.
1.36 This policy does not form part of any employee's contract of employment and it may be amended at any time.
Schedule 1 – Red Flags
POTENTIAL RISK SCENARIOS: "RED FLAGS"
The following is a list of possible red flags that may arise during the course of your working for us and which may raise concerns under various anti-bribery and anti-corruption laws. The list is not intended to be exhaustive and is for illustrative purposes only.
If you encounter any of these red flags while working for us, you must report them promptly the Managing Director:
(a) you become aware that a third party engages in, or has been accused of engaging in, improper business practices;
(b) you learn that a third party has a reputation for paying bribes or requiring that bribes are paid to them, or has a reputation for having a "special relationship" with foreign government officials;
(c) a third party insists on receiving a commission or fee payment before committing to sign up to a contract with us, or carrying out a government function or process for us;
(d) a third-party requests payment in cash and/or refuses to sign a formal commission or fee agreement, or to provide an invoice or receipt for a payment made;
(e) some third-party requests that payment is made to a country or geographic location different from where the third party resides or conducts business;
(f) a third party requests an unexpected additional fee or commission to "facilitate" a service;
(g) a third party demands lavish entertainment or gifts before commencing or continuing contractual negotiations or provision of services;
(h) some third-party requests that a payment is made to "overlook" potential legal violations;
(i) some third-party requests that you provide employment or some other advantage to a friend or relative;
(i) You receive an invoice from a third party that appears to be non-standard or customized;
(k) a third party insists on the use of side letters or refuses to put terms agreed in writing;
(I) you notice that we have been invoiced for a commission or fee payment that appears large given the service stated to have been provided;
(m) a third-party requests or requires the use of an agent, intermediary, consultant, distributor, or supplier that is not typically used by or known to us;
(n) you are offered an unusually generous gift or offered lavish hospitality by a third party.
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