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Spain Makes Strides in Combating Foreign Bribery, but More Work Remains
Madrid, Spain: A Step Forward Against Corruption
According to a recent report by Transparency International, an anti-corruption watchdog, Spain has made significant progress in combating foreign bribery. The country has improved its enforcement against foreign bribery, including prevention and detection measures.
Key Factors Behind the Progress
The establishment of two key institutions is largely responsible for this improvement:
- Registry of Beneficial Ownership (RETIR): A public registry that provides access to reliable information on beneficial owners.
- Centralized Body for the Prevention of Money Laundering (OCP): Trains professionals in the sector on preventive measures against money laundering and terrorist financing.
Notable Cases Against Foreign Bribery
The report highlights several notable cases where foreign bribery has been investigated or prosecuted, including:
- Duro Felguera
- OHL
- FCC
- Defex
- Canal de Isabell II Grup Maritim TCB
- Banco Santander
These cases demonstrate that Spain is committed to rejecting impunity for those crimes.
Challenges Ahead
While the progress made by Spain is commendable, there are still many issues that need to be addressed in order to effectively combat foreign bribery. These include:
- More disaggregated data and statistics on foreign bribery
- Greater visibility of results from the Asset Recovery Office
- Resolution of pending legal reforms, such as the transposition of the EU’s 5th Anti-Money Laundering Directive
Call for Action
“We will continue to monitor the government’s actions and push for full implementation of these reforms,” said a spokesperson for Transparency International Spain. “Spain’s progress is a step in the right direction, but there is still much work to be done.”
The Importance of Combating Corruption
Corruption in international business transactions undermines government institutions and economic development, diverting public resources and damaging international trade and investment. In light of the global health crisis, it is even more crucial to promote preventive measures against corruption and foreign bribery.
Conclusion
As Spain continues to make progress in combating foreign bribery, it is essential for the country to remain vigilant and address the remaining challenges in order to effectively prevent corruption and protect its economy and institutions.