Nortons Inc. continues to advise a number of its clients on competition law compliance programmes, in respect of the Competition Act (including its forthcoming amendments incorporating criminal penalties) as well as the recently enacted Consumer Protection Act, in order to ensure that their businesses are aligned with the provisions of these pieces of legislation.
Nortons Inc. provides its clients with compliance training on a range of topics, including:
- competition law/antitrust;
- the Consumer Protection Act;
- pharmaceutical and health care legislation;
- the prevention of white collar crime and fraud;
- mine health and safety legislation; and
- ensuring compliance with environmental legislation.
White Collar Crime & Fraud
The scourge of corruption and unethical business practices is well documented.
Fraud and corruption, in the public sector as well as the private sector, are widely regarded as two of the biggest threats to South Africa’s ability to attract foreign direct investment and achieve economic growth. According to one recent survey, even a small increase in corruption has a significant negative effect on economic growth, while the Business Day recently reported that the annual loss to the South African economy as a result of white collar crime amounts to between ZAR86 billion and ZAR120 billion.
The sharp increase in the number of cases of fraud and corruption have dominated local news headlines and left almost no industry untainted, with the competitiveness of key industries including mining, telecommunications and the financial services sector severely hampered.