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Anti Bribery and Corruption

Compliance Consultancy Financial Crime Anti Bribery and Corruption

Fighting against dumping and bribery is required for a company. Suspicions of corruption can tarnish the reputation of your company, a reputation which took years to build. Global organisations 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 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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