About Compliance
COMPLIANCE is a system of rules and procedures aimed at preventing violations of legislation, and compliance with the fundamental principles of preventing corruption.
Compliance History
The history of compliance development originated in the 60-70 years of the twentieth century in the USA
So, in the 1970s, investigations by the US Securities Commission began, during which it turned out that more than 400 American companies had given bribes to foreign officials for more than $ 300 million. The loudest scandal was the Lockheed Corporation case (one of the largest aviation companies served the military-industrial complex. Now – Lockheed Martin Corporation, the world's largest arms manufacturer), which led to the resignation of the Japanese government
As a result, in 1977, the "Foreign Corrupt Practices Act" was adopted, prohibiting the bribery of foreign officials by American citizens and companies. In November 1991, the federal guidelines for organizations were created in the USA, where the elements of effective programs were identified. The program should not only establish standards and procedures for the prevention and detection of criminal activity, but also actively contribute to the creation of a corporate culture that encourages the way of acting and compliance with the law.
In 2002, the Sarbanes-Oxley Law was adopted, which introduced requirements for the control of financial activities and disclosure of information (the reason was the bankruptcy of the Enron corporation due to falsification of financial statements and financial fraud), as well as the protection of corporate informants from sanctions and harassment by the management of companies.
Speaking about the history of compliance, it is impossible not to mention the "Anti-Bribery Law" adopted in the UK in 2010.