Bank for International Settlements
(BIS)
The Basel Committee on Banking Supervision has released a set of guidelines describing how banks should include the management of risks related to money laundering and financing of terrorism into their risk management framework and aim to protect the safety and soundness of banks and the integrity of the financial system. These guidelines are consistent with the
International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation
issued by the Financial Action Task Force (FATF). The risk management guidelines include cross-references to FATF standards to help banks comply with national requirements based on those standards.
Business Anti-Corruption Portal
Corruption and bribery are seen in numerous relations, and in certain situations it can be disastrous to make the wrong decision. Therefore, simple flowchart and guidance documents can be of great help when doing business in countries with a high level of corruption. The due diligence tools contain flowcharts that illustrate the particular points in relation to agent and consultant evaluation processes, joint venture partnerships and contractor procedures where companies should be alert to corruption. The idea is that companies themselves can develop their own flowcharts using the described examples and supplement them with information from Business Anti-Corruption Portal (e.g. the
Information Networks
and
Country Profiles
) when elaborating an anti-corruption strategy that fits their specific products and needs, as well as the markets in which they operate.
Key elements
:
Business Anti-Corruption Portal
Public procurement is a high-risk area for small and medium sized enterprises, particularly when corruption risks are also present. This means that many companies put themselves at risk of extortion, blacklisting, and legal prosecution by getting involved in corruption, or incurring losses and/or not submitting bids in relation to what would otherwise be lucrative tenders. This specific tool assists companies in looking for indicators or "red flags" in the different phases of the procurement process and in devising a strategy based on this.
Key elements
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Global Infrastructure Anti-Corruption Centre
(GIACC)
GIACC is an independent not-for-profit organisation which provides resources and services for the purpose of preventing corruption in the infrastructure, construction and engineering sectors in order to assist governments, project owners, funders, contractors, consulting engineering firms and suppliers of equipment, materials and services. The GIACC due diligence tool suggests types of due diligence which can be undertaken in relation to different circumstances. They are suggestions only, and are not universally applicable.
Key Elements
:
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An initial discussion on why one should and how to conduct due diligence
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Due diligence on the country, the law, the project, the project owner, business partners, agents and key employees
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Assistance to identify "red flags"
International Association of Oil and Gas Producers
(OGP)
The guidelines are designed as a resource for member companies of the OGP intending to establish and/or maintain effective anti-corruption practices. These include evaluation of the potential risks of doing business with associates and implementation of measures to reduce those risks. It sets out to provide guidelines on designing and conducting due diligence procedures and establishing a framework for in-house programmes. Companies can adapt the guidelines to fit the particular needs and circumstances of their own organisation.
Key elements
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