The European Commission has released a new list of 23 “high-risk third countries” with weak anti-money laundering and counter-terrorist financing (AML/CFT) frameworks.

This means that banks and other entities subject to the EU’s AML rules will have to apply increased due diligence in relation to customers and financial institutions from these countries.

This report addresses the concerns of small and medium enterprises (SMEs) confronted with the problem of bribery. As smaller companies with limited resources, SMEs face challenges in resisting and countering such pressures. Also, there are growing requirements made by large international companies for their suppliers to show evidence that they have appropriate anti-bribery policies and systems in place.

The report aims to set out in a clear and direct manner the process by which smaller businesses can develop an anti-bribery programme relevant to their size and resources.

Collective Action is becoming increasingly popular as a tool to help solve some of the more difficult and systemic aspects of bribery. It also plays an important role for peer companies keen to ensure a level playing field when acquiring new business.

Lawyers can help their clients to identify, join or initiate new forms of Collective Action because the opportunities and scope are so broad and flexible. There is the potential therefore to find something suitable for all companies wherever they operate in the world. 

New anti-corruption laws and intensified law enforcement, in particular in OECD Member States, are motivating companies to implement sound anti-corruption compliance programmes. They will help reduce risk, but they may also serve as a business argument. Yet, companies are increasingly voicing the need for a harmonised approach to compliance. The OECD Guidance enacted in 2010 may well serve as a template for such a standard since it has been adopted by the Member States of the OECD by unanimity.

The Basel Institute is providing anti-corruption guidance services to SMEs as part of the UK government's pioneering Business Integrity Initiative. 

Subsidised by the UK Department for International Development (DFID) for eligible SMEs, the guidance services are focused on:

  • Anti-corruption compliance
  • Corruption and bribery prevention
  • Anti-corruption Collective Action

Find out more about the services and how to apply for support.