BGC’s ABC policy contains specific definitions of prohibited crimes, violations and actions based on law in applicable jurisdictions, which may be amended from time to time as regional laws are revised. The Compliance department reviews and monitors changes in applicable law and revises the policies and provides notices to employees and management as warranted.
Specifically, the ABC policy defines bribery and corruption as follows:
“Bribery” refers to the act of offering, giving, promising, or authorizing, or extorting, soliciting, accepting, or receiving "anything of value" to improperly influence the actions of a person to obtain or retain business, secure an improper advantage, or otherwise induce or reward improper conduct which is unlawful or a breach of trust.
“Corruption” can be regarded to be any abuse of position of entrusted power to gain an undue personal advantage. The UN Guide for Anti-Corruption Policies notes that definitions applied to corruption vary from country to country in accordance with cultural, legal or other factors and the nature of the problem as it appears in each country. Transparency International define corruption as an abuse of entrusted power for private gain.
Corrupt behavior is very broad in its practical manifestations and is not always related specifically to bribery, but bribery can be regarded as a subset of the overall crime of corruption.