In the world of third-party risk management, organizations need to navigate a complex and expanding web of guidance, standards and regulations. Here, you can explore an overview of major industry standards and regulations that can help you ensure third-party compliance and build a more resilient business.
Regulators have made clear that third parties should attest to and align to your compliance, ethics, and risk management standards and obligations. Aravo enables customers to easily capture, update, manage and retain third party attestations and certifications with these regulations and other ethics and compliance standards.
Jurisdiction: African Countries
The African Union Convention on Preventing and Combating Corruption is a regional treaty aimed at addressing anti-bribery and anti-corruption (ABAC) measures in Africa. It promotes cooperation among African Union member states to prevent and combat corruption, including bribery of public officials and illicit enrichment. The convention emphasizes the need for effective legal frameworks, enforcement mechanisms, and international cooperation to promote transparency, accountability, and good governance across the African continent.
Jurisdiction: Europe
The Council of Europe Criminal Law Convention on Corruption is an international treaty that focuses on anti-bribery and anti-corruption (ABAC) measures. It aims to combat corruption by establishing common criminal offenses, enhancing cooperation among member states, and promoting international legal standards. The convention covers various aspects of corruption, including bribery in the public and private sectors, trading in influence, and laundering of proceeds from corruption.
ISO 37001:2016 specifies requirements and provides guidance for establishing, implementing, maintaining, reviewing, and improving an anti-bribery management system.
The Foreign Corrupt Practices Act of 1977 (FCPA) forbids bribery and corruption by companies and their third-party partners, including resellers, distributors, and marketing agencies.
Also known officially as the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. Published in 1999, this OECD convention was created to help reduce political corruption and corporate crime in developing countries. It asks those who agree to it to criminalize the act of offering or giving a bribe.
Jurisdiction: Brazil
The Clean Company Act, also known as Law No. 12,846, is a Brazilian legislation focused on anti-bribery and anti-corruption (ABAC) measures. It holds companies liable for corrupt practices, including bribery of public officials. The Act establishes stringent penalties for violations, such as fines, disgorgement of profits, and even dissolution of the company, while also encouraging the implementation of compliance programs to prevent corruption.
Jurisdiction: Canada
The Corruption of Foreign Public Officials Act (CFPOA) is a Canadian legislation aimed at combating bribery of foreign public officials. It prohibits individuals and organizations from offering, bribing, or providing any undue advantage to foreign public officials in order to obtain or retain business advantages. The CFPOA establishes penalties for violations and promotes international anti-corruption efforts, aligning with Canada’s commitment to combatting corruption globally.
Jurisdiction: China
The Criminal Law of the People’s Republic of China encompasses provisions related to anti-bribery and anti-corruption (ABAC) measures. It criminalizes various acts, including bribery of public officials, offering bribes, and accepting bribes. The law establishes penalties for offenders, including imprisonment and fines, and serves as a key instrument in combating corruption in China’s public and private sectors.
Jurisdiction: Germany
The German Criminal Code addresses anti-bribery and anti-corruption (ABAC) measures through provisions that prohibit bribery of public officials and commercial bribery. These provisions aim to ensure fair competition, maintain public trust, and hold offenders accountable. Violations of ABAC laws can result in imprisonment and fines under German law.
Jurisdiction: Singapore
The Singaporean Prevention of Corruption Act is legislation that addresses anti-bribery and anti-corruption (ABAC) measures. It prohibits both public and private sector corruption, including bribery, extortion, and abuse of office. The Act establishes strict penalties for offenders and establishes a robust framework to promote transparency, integrity, and accountability in Singapore’s public and private sectors.
This anti-bribery and corruption (ABAC) law came into force in 2017. It requires companies that employ more than 500 employees and that have a turnover exceeding €100 million to implement a series of ABAC policies, including adopting a code of conduct, putting in place a whistleblowing system, creating a risk map, and conducting due diligence on major clients, suppliers, and intermediaries.
The UK Bribery Act of 2010 is modeled on the OECD Anti-Bribery Convention and forbids bribery and corruption by companies and their third-party partners who are doing business in the UK.
Jurisdiction: Global
The UN Convention against Corruption (UNCAC) is a global treaty that addresses anti-bribery and anti-corruption (ABAC) measures. It sets international standards and guidelines to prevent, detect, and punish corruption, including bribery of public officials. The convention promotes cooperation among nations, encourages asset recovery, and emphasizes the importance of transparency, accountability, and integrity in both public and private sectors to combat corruption effectively.
The information contained on this page is for reference and informational purposes only. As such, Aravo expressly disclaims any and all legal and professional liability associated with the content and any suggestions and/or recommendations provided therewith.
