Interesting article by Adam Vause and Zara Merali from DLA Piper looking at how the UAE has been strengthening its approach to tackling bribery and corruption. Although there is no standalone anti-bribery law, there are a number of related offences in the UAE under the UAE Criminal Code.
The article looks at these offences and the consequences companies and their employees should be of aware of - which includes significant fines and imprisonment.
The role of a forensic accountant and forensic technology expert are key in investigating bribery and corruption allegations, and they form part of the core team with lawyers to help clients tackle these issues.
Our local team in the UAE led by James Daniell (https://www.alvarezandmarsal.com/our-people/james-daniell) have significant experience working on these types of issues and we have recently established a full service forensic technology offering in the region, with local staff and resources, led by Janusz Ozcyp. Listen to some of Janusz's views on how technology can be deployed to assist clients here: http://bit.ly/2GczP5d.
Getting the right experts in place to tackle these issues is key to any company facing bribery and corruption challenges.
These initiatives are part of a larger anti-corruption drive in the Gulf region generally toward enhanced transparency and increased anti-corruption scrutiny. Companies will want to consider these changes to strengthen compliance policies and procedures and employee training programs. In this article, we discuss each of these changes.