Lithuania Steps Up Anti-Corruption Efforts in Finance
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Lithuania has strengthened its fight against corruption by reinforcing its anti-corruption laws and regulations. As a member of the OECD Anti-Bribery Convention since 2000 and signatory to the United Nations Convention against Corruption, the country is committed to eradicating corrupt practices.
Company Liability for Acts of Corruption
Under Lithuanian law, companies can be held accountable for acts of corruption committed by their employees or agents. The Criminal Code of the Republic of Lithuania outlines the consequences for a company found guilty of committing a crime or criminal offense related to corruption:
- Fine
- Restrictions on activities
- Liquidation
Gift and Hospitality Laws
Lithuania has strict regulations governing gifts and hospitality. Public officials are prohibited from accepting gifts or services if they are related to their official duties, unless the gift or service does not exceed EUR 150 in value. Additionally:
- Companies must implement anti-corruption internal programs
- Maintain accurate records of business dealings
Guidelines for Businesses
The Special Investigation Service has issued guidelines for businesses on preventing corruption, which can be accessed online. The service has also outlined specific criteria for institutions subject to anti-corruption regulations, including:
- Compliance programs
- Internal manuals
International Recognition
Lithuania’s efforts have been recognized by international organizations, with the country ranked as one of the top 20 most improved countries in terms of fighting corruption according to Transparency International’s Corruption Perceptions Index.
Expert Opinion
Experts emphasize that Lithuania’s commitment to combating corruption is crucial for maintaining investor confidence and promoting economic growth. “Lithuania has made significant progress in recent years in strengthening its anti-corruption framework,” said Darius Raulušaitis, a partner at law firm Sorainen. “This sends a strong message to investors that the country is committed to creating a fair and transparent business environment.”
Conclusion
Lithuania’s anti-corruption efforts demonstrate a commitment to tackling corruption and promoting good governance. The country’s robust framework for preventing and detecting corrupt activities has been recognized by international organizations, providing a positive outlook for investors and businesses alike.