SOURCE: Source Intelligence®DESCRIPTION:
With some very high profile cases coming out of the Securities Exchange Commission (SEC) and the Department of Justice (DOJ, in regard to corruption and bribery, countries are seeing how having regulations that mimic those of the FCPA and UK. Bribery Act is catching companies that are conducting business unethically. It would benefit those countries trying to follow the same system as it would promote better business practices internally and show companies that are doing business externally, in other global markets, that bribery and corruption is more costly to them then not doing it at all. Mexico is the third largest trading partner with the United States, according to the Census Bureau, which means big business for the country. According to an article published on the Main Justice website, it talks about the steps Mexico has taken to increase its enforcement on bribery and corruption issues.
“After a series of political and financial scandal, including one involving his wife, president of Mexico, Enrique Pena Nieto recently signed a new anti-corruption measures aimed at rebuilding the publics trust in the government and the financial systems.”
So what does this mean for companies operating in Mexico and expanding business operations globally? Companies in Mexico know that one of the largest markets resides north of them, and they know they have an intense and strict anti-corruption and anti-bribery regulatory system. So how do companies prepare for dealing with or even preparing themselves to ensure they are conducting business with legitimate and ethical 3rd parties? Many companies have structures built internally to review and monitor these items, but as history has shown us, it isn’t the internal structures that poses the most risk it is the external.
Dealing with 3rd parties is always a risk, regardless of what part of the world they are from. We’ve seen the risk come from all continents and seep into every industry. Now that the increase in enforcement is hitting Mexico, Mexican based companies are in need of process and procedures that help with monitoring, measuring, and mitigating 3rd party risk. For any size company or enterprise, it is vital to understand an know the proper steps to creating a corruption and bribery free organization. For more information on how to achieve these milestones and move towards a system that can significantly help reduce your risk click here.
KEYWORDS: Business & Trade, Ethical Production and Consumption, Mexico, FCPA, Anti Corruption Blogs, Anti Corruption Compliance, anti corruption guidelines, Anti Corruption Practices, U.K. Bribery Act, bribery, Source Intelligence