1.1 The purpose of this Anti-Fraud, Bribery and Corruption Policy (“AFBC Policy”) is to set out Labuan Reinsurance (L) Ltd’s (“Labuan Re” or “the Company”) stance on fraud, bribery and corruption.
2.0 Policy Statement
2.1 Labuan Re has adopted a ‘zero tolerance’ approach against all forms of fraud, bribery or corruption. The Company’s Code of Conduct sets out the Company’s core principles in this regard. The Company is committed to conduct its business in accordance with applicable laws and regulations at the highest ethical standards.
2.2 The Company will take disciplinary and /or legal action against those found to have perpetrated, be involved in, or assisted with the fraudulent or other improper activities.
2.3 The Company requires all staff to act honestly and with integrity at all times, and must immediately report any incident or suspicion of fraud, bribery or corruption. Anyone raising a concern in good faith will not be penalised.
2.4 The Company will investigate fairly and appropriately for all reports of fraud, bribery and corruption.
3.1 This AFBC Policy is applicable to all Directors and staffs of the Company, including external parties such as brokers, cedants, consultants, suppliers, contractors, and/or any other party with a business relationship with the Company.
3.2 The Risk & Compliance Officer will make aware of this AFBC Policy to all Directors and staff of the Company. For external parties mentioned in point 3.1 above, it will be made known by the staff that interacts with them.
3.3 All suspected or actual instances of fraud, bribery and corruption shall be reported under the Whistleblowing Policy. Failure to report could result in disciplinary action.
3.4 As mentioned in point 2.1 above, the Company is also committed to conduct its business in accordance with the applicable laws and regulations at the highest ethical standards.
4.0 Conflict of Interest
4.1 To avoid possible conflict of interest and/or being imposed with a situation where an interest, benefit or right due to the Company has to be compromised, an employee may not either directly or indirectly become involved in any venture, business or dealing either on their own or in partnership or with some other person or persons, and moonlighting.
5.0 Illegal Gratification and Corrupt Practices
5.1 Solicitation and/or acceptance of Corrupt Payments
An employee shall not solicit or accept gratification of any kind, be it in cash, gift or favour, either directly or indirectly through another person or from any enterprise, in return for doing anything or refraining from doing anything relating to a business transaction involving the Company.
5.2 Making Corrupt Payment / Facilitation Payment
An employee shall not offer, give or promise gratification of any kind, directly or indirectly, to any employee of an enterprise or agent thereof as a means of persuading that person to do or refrain from doing anything relating to a business transaction involving the Company. In particular, this prohibition applies to dealing with, but not limited to, Government Departments, Statutory Bodies and Agencies.
An employee is not permitted to accept or pay commissions, or percentage of a commission as part of any payment arising from a commercial transaction other than to those legally entitled to such amounts.
6.0 Gift or Gratuity
6.1 Labuan Re has adopted a “No-Gift” policy that strictly prohibits the giving or acceptance of any gift or gratuity from a business associate since it may create an obligation, compromise impartiality and thereby influence a business decision.
6.2 The following shall be exempted from the prohibition stated under 6.1 above:-
(a) Exchange of gifts at the company to company level (e.g. gifts exchanged between companies as part of an official visit/courtesy call, and thereafter the said gift is treated as the Company’s property);
(b) Gifts from the company in relation to the company’s official functions and events (e.g. door gifts offered to all guests attending the company’s function);
(c) Gifts from Labuan Re to staff in relation to an internally recognised Company function and event (e.g. long service award); and
(d) Gifts with nominal or token value that bears a company’s logo (e.g. empty ang pow packets, calendars, diaries, notebooks, notepads, pens and planners). This is what we receive / give clients when we / they visit us.
7.1 The entertainment of an employee by/to a particular business associate should be restricted to within reasonable bounds. Lavish entertainment may compromise the quality of a business decision and should not be accepted or offered.
7.2 The entertainment may be appropriate if it is provided during an occasion when business is discussed.
8.0 Corporate Hospitality
8.1 Corporate hospitality is generally defined as corporate events or activities (e.g. golf tournaments, concerts, etc.) organised by an organisation which involves employees and third parties for the benefit of that organisation.
8.2 The offering / receiving of corporate hospitality to / from the customers and third parties as part of business networking is acceptable, provided that they are appropriate, with legitimate business purpose, and not perceived as affecting business judgement.
9.0 Dealing with Public Officials
9.1 In principle, caution must be exercised when dealing with public officials as it is an offence for a public official to obtain any gift from any person involved in any proceeding or business transaction with him / her.
9.2 Offering a gratification by corrupt or illegal means to influence a public official or offering gratification for the exercise of personal influence with a public official is also an offence.
10.0 Donations and Sponsorships (including Political Donations)
10.1 Any offering / accepting of donations / sponsorship activities are not allowed by the Company, this includes monetary or in-kind political donations to political parties, political party officials or candidates for political office.
11.1 Fraud is defined as knowingly making an untrue or misleading representation with the intention of making a gain for oneself or another, or causing a loss, or risk of loss to another.
11.2 An employee or a business associate should immediately report a known fraud or suspected fraud that has occurred or is occurring through the Whistleblowing Form.
12.0 Procedural Matters
12.1 Labuan Re promotes a culture of open and honest communication, especially those related to bribery or corruption matters.
12.2 Employee and business associate has the responsibility to ensure that suspected bribery and corruption incident are reported promptly. Anyone raising a concern in good faith will not be penalised.
12.3 Any alleged or suspected improper conduct must be disclosed using the Whistleblowing Form (A copy of this Form is available on the Company’s website).
12.4 The completed Whistleblowing Form should then be e-mailed to firstname.lastname@example.org.