Anti Bribery and Corruption
How do financial institutions fight against bribery and corruption ?
The OECD Anti-Bribery and Corruption Convention establishes legally binding standards for making bribery of foreign public officials in international business transactions a criminal offense. It also provides for several measures to effectively implement its provisions. It is the first and only international anti-corruption instrument targeting the "offering" of bribes to foreign public officials.
The 36 OECD member countries and eight non-OECD countries - Argentina, Brazil, Bulgaria, Colombia, Costa Rica, Peru, South Africa and Russia - have adopted this Convention.
When is corruption taking place?
When a person (e.g. a public official) taints activities by accepting bribes to defend the interests of individuals by using their authority and status. The payment or promise of payment to a third party by the company is corruption.Corruption can come in many forms: bribery, fraud (e.g.forgery of data), extortion, embezzlement, favouritism.
Every company's compliance program should include details on how to deal with corruption incidents. The protection of a company and its reputation is paramount.
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