Companies should put in place strict internal controls and establish ethics and compliance programmes as part of a strategy to combat bribery in international business deals, according to a new guidance agreed by the 38 countries that are party to the OECD Anti-Bribery Convention.
From March 2010, the OECD Working Group on Bribery - made up of representatives from these 38 nations - will monitor countries’ progress in encouraging their companies to implement the Good Practice Guidance on Internal Controls, Ethics and Compliance.
“Too few companies are aware of how damaging foreign bribery is to their business, their industry and the world economy. Bribery distorts everyone’s ability to compete in a global market,” said OECD Secretary-General Angel Gurría. “This is the most comprehensive guidance ever provided to companies and business organisations by an international organisation on this issue and marks another step forward in the fight against bribery.”
See full Press Release.
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