UK Agency Fines Willis $11M Over Anti-Bribe Controls

Law360, New York (July 21, 2011, 2:45 PM EDT) -- A U.K. financial services regulator said Thursday it had fined global insurance broker Willis Ltd. £6.9 million ($11.2 million) for failing to protect payments to overseas third parties from being used for corrupt purposes, including bribes.

The Financial Services Agency said the fine was the biggest it had imposed to date over financial crime systems and controls.

According to the FSA, Willis' weak anti-bribery and corruption systems and controls created an “unacceptable risk” surrounding £27 million in payments to overseas third parties who helped secure business...
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