Anti fraud and corruption strategy

Introduction

The City of London employs over 5,000 members of staff and has assets, interests and annual transactions running into billions of pounds. These, combined with its diverse range and nature of services and activities, put the City of London at risk of fraud and corruption, from both internal and external sources. Fraud may be defined as: “The intentional distortion of financial statements or other records by persons internal or external to the authority which is carried out to conceal the misappropriation (misuse) of assets or otherwise for gain.” (Audit Commission) Corruption may be defined as: “The offering, giving, soliciting, or acceptance of an inducement or reward which may influence any person to act inappropriately.” (Audit Commission) In furtherance of its strategic aims and objectives, the City of London strives to provide services which meet the requirements of its stakeholders in accordance with its core values. In conducting its business, it is committed to ensuring that the opportunity for fraud and corruption is reduced to the lowest possible risk. Where there is a possibility of fraud and corruption, the City of London will deal with it in a firm and controlled manner.

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