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Anti Bribery and Corruption

Compliance Consultancy Financial Crime Anti Bribery and Corruption

Fighting against dumping and bribery is required for any company. Suspicions of corruption can tarnish the reputation of your company, a reputation which took years to build. Global organisations, such as The Organisation for Economic Co-operation and Development, and governments are increasingly demanding through their regulations to fight corruption.

How do financial institutions fight against bribery and corruption ?


OECD - fight against corruption convention
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 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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