What do you consider will be the most significant corruption-related challenges posed to businesses in your jurisdiction over the next 18 months?
Bribery & Corruption
In the recent past, the enforcement agencies have been extremely proactive in monitoring compliance under the anti-bribery laws in India. Even the courts in India (especially the Supreme Court of India) have been adopting a rather stringent approach so far as the quantum of penalties for companies / corporations is concerned. The Courts have not shied away from acting against the directors / senior officials of a company once it is established that the said officials were responsible for the crime in addition to imposing a fine on the company per se. Accordingly, corporate liabilities and the approach of the courts towards the same is steadily gaining importance in the spheres of social concerns such as consumer protection, environment law, health and safety norms as well as in the areas of countering corruption and exploitation. The same trend is expected to continue which may lead to rapid changes in the anti corruption landscape in India. However, currently Indian laws do not provide any guidance on compliance programmes for businesses and accordingly most business houses must develop a robust monitoring and reporting mechanism to identify and mitigate risks.
The most significant challenge will probably be changing the status quo. For a long time the organisations have operated in a certain fashion. Although not all required changes are equally important, the need for change is still significant.
We believe that the biggest challenges for companies operating in Portugal are, in the near future, the implementation of adequate compliance programs and policies, in order to comply with an increasingly demanding regulation, not only in relation to anti-bribery and corruption, but also to anti-money laundering.