(MENAFN - Arab News) The impact and mounting scrutiny on businesses in saudi arabia to conform to anti-corruption and anti-bribery laws be it in their domestic or international operations was the focus of a high-level gathering of legal advisers and corporates on tuesday.
the event hosted by saud al-ammari law firm in association with blake cassels & graydon llp (blakes) a major business law firm brought together senior officials from top companies across saudi arabia and bahrain to discuss the importance for businesses of setting clear guidance regarding anti-corruption and anti-bribery regimes the need for effective enforcement of anti-corruption policies and methods for conducting appropriate and thorough due diligence.
the forum was convened in line with the kingdom's growing focus on stamping out corruption and the recent establishment of an anti-corruption commission (acc) in saudi arabia to ensure the protection of public funds as well as eliminate corruption in the private sector. the purpose of the acc is to protect integrity enhance the concept of transparency as well as combat financial and administrative corruption in its different forms including at the corporate level.
saud al-ammari chair saudi arabia & gulf region at blakes said: "the topic of anti-corruption is an extremely important one for saudi companies today as the kingdom continues to strengthen its efforts to combat wrongdoing in both the private and public sectors. it is therefore critical for corporates today to quickly take action assess their liabilities in this area and ensure that they're well prepared to implement best practices. this forum has brought together some of the world's leading legal experts on anti-corruption to provide participants with high level advice and insight into how best to mitigate risks and take the necessary steps to implement effective anti-corruption and anti-bribery practices across an organization."