14 Aug 2013

Trace links up with Libyan US Chamber of Commerce

In a move to bolster business ties between Libya and the US, global anti-corruption organisation TRACE International and the American Chamber of Commerce in Libya have joined forces.

The LIA was set up to invest Libya's oil wealth in the mid-2000s Marcio Jose Bastos Silva

According to MarketWatch, TRACE will collaborate with AmCham Libya on anti-bribery due diligence and compliance information with its members who, under the agreement, will be required to complete the comprehensive review TRACEcertification.  Such an alliance could be mirrored in other jurisdictions as multinational companies are increasingly attracted to doing business growth markets, many of which have challenging compliance issues.

Compliance review

President of TRACE Alexandra Wrage termed the initiative as ‘a ground-breaking step in moving toward worldwide compliance.’ She said of the TRACEcertification that it ‘provides the transparency required by global business partners and gives AmCham members a streamlined reporting process.’ The review includes a compulsory online training course and an annual review of due diligence compliance. A training workshop will take place in Libya in November this year to introduce the initiative.  

 

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