Financial Crime World

Anti-Bribery Laws and Regulations in Focus: Tanzanian Oil and Gas Industry

As part of its efforts to promote transparency and integrity, the Oil and Gas Association of Tanzania (OGAT) has adopted a comprehensive anti-bribery and corruption policy that extends to all its activities in the country.

Key Principles

The policy is designed to ensure full compliance with Tanzanian anti-bribery and corruption laws, as well as international standards aimed at countering corruption and bribery. The key principles guiding OGAT’s activities are:

  • Zero-tolerance approach: OGAT does not tolerate bribery or corruption in any form.
  • International standards: OGAT is committed to upholding international standards in combating corruption and bribery.
  • Recognition of facilitation payments as bribes: Facilitation payments are recognized as bribes and should not be paid.

Policy Prohibitions

The policy prohibits the giving or receiving of bribes in any form, whether directly or indirectly. Any failure to comply with Tanzanian anti-bribery laws will be reported to the relevant authorities and subject to investigation and punishment.

Internal Controls

OGAT has put in place internal controls to counter bribery and corruption, including:

  • Proper record keeping: Accurate and detailed records of all transactions and activities.
  • Register of attempted or actual corrupt approaches: A register of all attempts or instances of corrupt behavior.
  • Financial checks: Regular financial checks and audits to detect and prevent fraudulent activities.

Reporting Suspected Activity

To report suspected activity, OGAT has appointed an Anti-Corruption Reporting Officer (ACRO) who will review all reports on a monthly basis and provide a summary report to the Board of Directors. The Board will then determine whether any action is required and document any such action taken.

Conclusion

The adoption of this policy marks a significant step forward in promoting transparency and integrity in the oil and gas industry in Tanzania, and underscores OGAT’s commitment to upholding anti-bribery laws and regulations in the country.