Despite Russia’s reputation for corruption, the anti-bribery climate there is evolving. A recent flurry of anti-bribery legislation, as well as Russia’s ratification of the OECD Convention on Combating Bribery of Foreign Public Officials suggest that Russia is moving in the right direction. Amendments to the "Anti-Corruption Law" have also created new measures to prevent corruption. One of these measures is not only new for Russia, but also unprecedented among anti-corruption laws worldwide.
As U.S. companies seek new markets abroad, they may also encounter new areas of U.S. government regulation and enforcement. In a slow recovery, the benefits of foreign revenues are clear, but international expansion also carries some significant risks. Any company reaching for opportunities abroad should plan carefully to ensure that the risks are properly identified and managed. The first area that should be considered for companies looking to increase overseas sales is;
Several firms recently released surveys that canvassed corporate executives for their views on anti-corruption compliance programs and the greatest risks facing their organizations. Not surprisingly, these surveys indicated that bribery and corruption risks remain present worldwide and throughout all sectors, though the perceived risks appear most acute in the natural resource industry and in rapid growth countries. The use of third parties continues to present a significant vulnerability in corporate efforts to comply with anti-corruption laws, especially given that most survey respondents indicated that they do not train these third parties on their anti-corruption policies. Questions also remain as to the overall effectiveness of most firms’ anti-corruption policies.