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While specific laws can vary by country, there are several key international and national regulations that businesses commonly need to be aware of:
- U.S. Foreign Corrupt Practices Act (FCPA): This U.S. law makes it illegal for U.S. persons and businesses, and certain foreign issuers of securities, to bribe foreign government officials for business purposes. It also requires publicly traded companies to maintain accurate books and records and have an adequate system of internal accounting controls.
- UK Bribery Act: The UK Bribery Act is broader in scope than the FCPA, criminalizing bribery in both the public and private sectors. It also introduces the concept of corporate liability for failing to prevent bribery, with an adequate procedures defense.
- OECD Anti-Bribery Convention: Many industrialized countries are signatories to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, which requires them to make foreign bribery a crime.
- Local Anti-Corruption Laws: Many countries have their own anti-corruption laws. Businesses must comply with these local laws in every jurisdiction where they operate.
- United Nations Convention against Corruption (UNCAC): This is a global anti-corruption instrument covering a wide range of corruption-related issues, including preventive measures, criminalization, international cooperation, and asset recovery.
To comply with these laws and regulations, businesses should consider the following steps:
- Conduct Risk Assessments: Regularly assess the corruption risks associated with your business activities, especially in countries known for high corruption rates.
- Implement Compliance Programs: Develop and implement a comprehensive anti-corruption compliance program. This includes policies and procedures to prevent, detect, and address corruption and bribery.
- Employee Training and Awareness: Educate employees about anti-corruption laws and your company’s policies. Regular training should be conducted to ensure understanding and compliance.
- Due Diligence: Conduct due diligence on third parties, such as agents, consultants, and joint venture partners, particularly in high-risk jurisdictions.
- Monitor and Review: Continuously monitor and review the effectiveness of your anti-corruption measures and adjust them as necessary.
- Reporting Mechanisms: Establish clear mechanisms for reporting suspected corruption or bribery, including whistleblower protections.
- Record-keeping and Accounting Controls: Maintain accurate financial records and robust internal accounting controls to prevent and detect corrupt practices.
- Management Commitment: Ensure that there is a clear commitment from senior management to a culture of integrity and compliance.
- Legal Advice: Consult with legal experts to understand specific obligations under various anti-corruption laws and tailor your compliance program accordingly.
- Respond Appropriately to Violations: If a violation is detected, respond appropriately, which may include conducting an internal investigation, taking disciplinary action, and making necessary disclosures to authorities.
Compliance with anti-corruption laws is not only a legal requirement but also crucial for maintaining the integrity and reputation of your business.
PLTFRM is an international brand consulting agency that works with companies such as Red, Tiktok, Tmall, Baidu, and other well-known Chinese internet e-commerce platforms. We have been working with Chile Cherries for many years, reaching Chinese consumers in depth through different platforms and realizing that Chile Cherries exports in China account for 97% of the total exports in Asia. Contact us and we will help you find the best China e-commerce platform for you. Search pltfrm for a free consultation!
