International Standards to Criminalize Bribery of Foreign Public Officials
The OECD Anti-Bribery Convention established legally binding standards for 41 signatory countries (35 OECD members and 6 non-members) to combat the bribery of foreign public officials. By adopting the OECD recommendations, the parties agreed to put in place measures to prevent, detect and investigate foreign bribery. The Convention establishes an open-ended, peer-driven monitoring mechanism to ensure signatory countries implement the measures in accordance with their recommendations. This monitoring is conducted by the OECD Working Group on Bribery and results in a quarterly report that contains findings and specific recommendations based on rigorous examinations of each country.
The OECD recommendations range from the establishment and enforcement of criminal laws in accordance with the OECD Anti-Bribery Convention, tax legislation that eliminates indirect support of foreign bribery, laws and regulations for financial institutions to ensure they maintain adequate records for inspection and investigation to company audits by independent auditors to ensure companies have internal control, ethics and compliance requirements and practices in accordance with the OECD Anti-Bribery Convention.
Compliance Made Easy
Hiperos 3PM ABAC Accelerator helps companies simplify and streamline compliance with anti-bribery laws based on OECD Anti-Bribery Convention recommendations by centralizing third party information and workflows, automating and documenting due diligence, assessment and scoring of third parties, managing only third parties posing corruption risks and monitoring risk factors continuously with data directly from leading data providers. All material ABAC issues and actions taken are recorded in a central “book of record” with a verifiable audit trail. Learn more