Call for a Unified Anti-Corruption and Competition Law Compliance Programme: Why Compliance Programmes Should Be Viewed as a Mitigating Factor
Journal of Business Compliance 01/02 2016 – Special Issue
Posted: 6 Jan 2019
Date Written: February 1, 2016
Whether motivated by ethical reasons, the deterrent effect of fines and other sanctions, or both, an increasing number of companies coordinate compliance with anti-corruption regulations in conjunction with compliance with competition laws when establishing their corporate governance policy framework. This article advocates that at the macro level, the competent authorities should adopt a holistic approach regarding the efforts made by the companies for compliance with the competition law and anti-corruption laws and both should be subject to a unified legal enforcement policy concerning interacting compliance programmes. Furthermore, we argue that both anti-corruption and competition law compliance programmes should be considered by regulators and the Courts as mitigating factors in determining fines and sanctions for violating companies. This would encourage companies to develop thorough compliance programmes that go beyond mere legal compliance and additionally address behaviour, assist them in identifying and accumulating best practices over the years. In doing so, the impact and reach of regulation and legislation will increase; ultimately improving market efficiency. Such a broad scale upgrade in sanctions policy would eventually be of benefit to society and the economy in terms of both crime prevention and the procedural economy.
Keywords: compliance, competition law, antitrust, anti-corruption
JEL Classification: K20; K21
Suggested Citation: Suggested Citation