Financial Crime World

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MYANMAR GOVERNMENT ENACTS ANTI-CORRUPTION LAW TO ERADICATE BRIBERY

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Yangon, Myanmar - The Myanmar government has passed a landmark anti-corruption law aimed at eradicating bribery and promoting transparency in public administration. Law 2013 seeks to make the eradication of bribery a national duty, create a clean government, promote prestige and accountability, prevent impairment of citizens’ benefits and rights, and take effective action against those who commit bribery.

The law also aims to develop the economy by promoting local and foreign investment through more transparent rules and administration. To achieve these goals, businesses must play a crucial role in reducing corruption risks and operating with integrity.

BUSINESSES CAN FIGHT CORRUPTION BY FOLLOWING THESE STEPS

According to Transparency International’s Business Principles for Countering Bribery - Small and Medium Enterprise (SME) Edition, businesses can take several steps to strengthen their internal policies and practices. These include:

  • Assessing risks and prioritizing areas where corruption is most likely to occur
  • Establishing clear rules to avoid bribery and promote integrity
  • Training employees and partners on anti-corruption policies and procedures
  • Implementing reporting channels and monitoring processes

ASSESSING RISKS IS THE FIRST STEP

Companies must assess their risks and prioritize areas where corruption is most likely to occur. This can be done by talking to employees, reading social media complaints, and identifying risk areas such as interactions with public officials or other companies.

A small company providing local services may not need an extensive training program for local suppliers, but it still needs clear rules to prevent bribery and promote integrity. Larger companies operating in high-risk industries such as oil and gas, mining, forestry, and construction must develop more comprehensive anti-corruption programs.

TRANSPARENCY INTERNATIONAL’S GUIDE AVAILABLE

The English version of Transparency International’s Business Principles for Countering Bribery - SME Edition is available online, along with a Myanmar translation. The guide provides valuable information on implementing an effective anti-corruption program in a business.

By following these steps and recognizing the importance of reducing corruption risks, businesses can play a vital role in promoting integrity and transparency in Myanmar.