British watchdog hits Willis with record anti-bribery fine
Britain's financial watchdog on Thursday said it had fined British insurance broker Willis Limited nearly £7.0 million for failing to ensure payments to overseas third parties were not used for corrupt purposes.
The Financial Services Authority said it had fined the company, a unit of the world's third-biggest insurance broker Willis Group Holdings, £6.895 million (7.9 million euros, $11.14 million) "for failings in its anti-bribery and corruption systems and controls."
It added in a statement: "This is the biggest fine imposed by the FSA in relation to financial crime systems and controls to date."
The announcement comes after Britain earlier this month implemented new bribery laws.
The FSA said that the failings of Willis Limited created an "unacceptable risk" that payments made to overseas third parties could be used for corrupt purposes.
Comments