MANAMA: Leading legal experts and private sector stakeholders underlined the importance of the Kingdom of Saudi Arabia’s initiative aimed at stamping out corruption by introducing stringent measures such as transparency and best practices.
This was the crux of a half day forum held at the Capital Club to discuss the impact and mounting scrutiny on businesses in Saudi Arabia to conform to anti-corruption and anti-bribery laws, be it in their domestic or international operations, was the focus of a high level gathering of legal advisors and corporates today.
The forum, hosted by Dr. Saud Al-Ammari Law Firm in association with Blake, Cassels & Graydon LLP (Blakes), a leading business law firm, brought together senior officials from top companies across the Kingdom of Saudi Arabia and Bahrain to discuss the importance for businesses of setting clear guidance regarding anti-corruption and anti-bribery regimes, the need for effective enforcement of anti-corruption policies, and methods for conducting appropriate and thorough due diligence.
The forum was convened in line with the Kingdom’s growing focus on stamping out corruption and the recent establishment of an Anti-Corruption Commission in Saudi Arabia to ensure the protection of public funds, as well as eliminate corruption in the private sector. The purpose of the Anti-Corruption Commission is to protect integrity, enhance the concept of transparency, as well as combat financial and administrative corruption in its different forms including at the corporate level.
“The topic of anti-corruption is an extremely important one for Saudi companies today as the Kingdom continues to strengthen its efforts to combat wrongdoing in both the private and public sectors,” speaking from the event, Dr. Saud Al-Ammari, Chair, Saudi Arabia & Gulf Region at Blakes, said.
“It is therefore critical for corporates today to quickly take action, assess their liabilities in this area and ensure that they’re well prepared to implement best practices. This forum has brought together some of the world’s leading legal experts on anti-corruption to provide participants with high level advice and insight into how best to mitigate risks and take the necessary steps to implement effective anti-corruption and anti-bribery practices across an organization.”
Joined by Blakes’ anti-corruption experts from the GCC region and the firm’s international offices, participants were provided with strong insights into ways and means of creating effective policies and preventative measures and solutions including considerations relating to conducting internal investigations, extraterritorial reach of anti-corruption laws on corporations and persons in the Gulf, and anti-bribery compliance programs.