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International anti-corruption conventions and inter-governmental organisations Vietnam ratified the UNCAC with certain reservations. Vietnam has also signed certain bilateral agreements for the purpose of sharing information, exchanging experience and enhancing the effectiveness of anti-corruption programmes, e.
Key anti-corruption laws In Vietnam, there are four key laws relating to anti-bribery: Law on Prevention and Combat of Corruption No.
1 for their valuable contributions to this project: • Gemma Aiolfi, Legal Counsel Integrity, ABB Asea Brown Boveri Ltd. • Jorge Eduardo Ramírez, Corporate Affairs Vice-President, Alpina Colombia • Andrew Hayward, Head of Ethics and Compliance, Balfour Beatty plc • Pedro Gomes Pereira, Basel Institute on Governance • Business and Industry Advisory Committee to the OECD . At Applied Corporate Governance™ we have spent many years considering and debating how to define business ethics. One of our favourite – and one of the shortest – definitions is, to quote Lord Moulton, “obedience to the unenforceable”. This publication has been jointly co-ordinated by the Secretariats of the OECD, UNODC, and World Bank under their sole responsibility. It does not necessarily represent the views of the countries, business associations, or individual companies that are.
It is expected that the New Penal Code with revised provisions would soon take effect. This writing is updated based on the New Penal Code.
Features of bribery offences The primary law penalising corruption activities in the public and private sectors is the New Penal Code, which covers both active and passive bribery.
A bribe is construed as: The New Penal Code covers bribery of foreign public officials, so a Business ethics of organisations individual would be subject to criminal liability in accordance with Vietnamese law if such individual gives bribes to a foreign public official.
A Vietnamese citizen who pays a bribe to a Vietnamese public official when abroad may be subject to criminal or administrative liability under Vietnamese laws. Compliance defence and mitigation Persons who are coerced to offer bribes but report them before being detected are deemed to be innocent and will have the entire property offered as bribes returned.
Non-coerced bribe givers or bribery intermediaries who report the bribes before being detected may also be exempt from penal liability. The laws of Vietnam do not expressly provide that having adequate compliance procedures in the context of anticorruption is an express defence or a mitigating factor.
If the anti-corruption programme or compliance procedures help to prevent or reduce the violation then these procedures can be taken into account by the court as a mitigating circumstance.
Facilitation payments There is no express recognition of, or exemption for, facilitating payments if the person offering or making the facilitating payment had the intention of requiring the public official s to perform or refrain from performing certain acts. According to the scope of bribery set out in the New Penal Code, a person receiving a facilitation payment may still be subject to criminal liability even if the ensuing action is Business ethics of organisations accordance with the law.
Gifts and entertainment Generally speaking, the giving or receiving of gifts and hospitality will be deemed a bribe under Vietnamese law if it satisfies all elements of a bribe as described in paragraph 2 of Features of bribery offences Section above.
Subject to prohibited cases mentioned above, Decision 64 allows a public official to receive gifts if: Government officials who receive any gift in excess of VND, must report this to his or her direct manager.
Decision 64 also provides that staff, public officials and officials may receive gifts that do not relate to their public duties without having to report them to the relevant authority. However, they must sign for the receipt of the gifts. It is not clear what document must be signed by the person receiving the gift.
Corporate liability for the acts of intermediaries Generally, companies are not liable for the acts of their intermediaries, such as their subsidiaries because under Vietnamese laws: Liability of individual directors and officers Subject to the imposition of criminal liabilities in the case of directors and officers who are accomplices or their failure to denounce crime, Vietnam laws do not expressly stipulate any particular responsibility of individual directors and officers for consent to, or connivance in, a corrupt act in their company.
Nevertheless, a head and deputy head of an enterprise may be subject to discipline or criminal liability upon the occurrence of corrupt acts in their enterprise.
Penalties According to the New Penal Code, a bribe receiver may be liable for criminal penalties of: A bribe giver may be liable for criminal penalties of: A bribe intermediary may be liable for criminal penalties of: Enforcement agencies From the central to the local level, the key enforcement agencies within the anti-corruption sector include the following: Central Committee for Internal Affairs of the Communist Party of Vietnam, which is responsible for directing and coordinating anti-corruption activities in Vietnam.
By law, this Committee is a part of the Communist Party and does not have judicial or executive function but given the current political settings in Vietnam, the Committee possesses significant weight in the fight against corruption; Steering Committee for Corruption Prevention and Combat at the central and provincial levels, which are responsible for directing, coordinating, inspecting and expediting anti-corruption activities at nationwide and local scales respectively; State Inspector and the State Audit, who are responsible for the inspection and audit of corrupt acts; Ministry of Police, the Ministry of National Defence, the Procuracies and the Courts, which are responsible for the investigation, prosecution and adjudication of corruption-related crimes; and Ministry of Foreign Affairs and the Ministry of Justice, which play an active role in corruption cases involving foreign elements.
Anti-money laundering laws In Vietnam, the key legal instruments governing the antimoneyanti-money laundering activities include: Under the AML Law and the New Penal Code, money laundering covers various acts conducted by individuals and organisations in order to legitimise the origin of the assets obtained as a result of crime, including the following: Generally, Vietnamese anti-money laundering laws require organisations operating in certain businesses such as banking, gambling, insurance and securities to comply with various requirements for preventing money laundering.
These include the establishment of an anti-money laundering programme for the identification of their customers, record keeping, internal controls and supervision of suspicious transactions and reporting obligations with respect to suspicious transactions. Whistleblowing In Vietnam, whistleblowing or denunciation is mainly handled in accordance with the Law on Denunciation No.
Denunciation may be made verbally or in writing. Generally, after the receipt of the denunciation, the competent authority will verify the information of the denouncer and the contents of denunciation in order to issue a written conclusion within a period up to 90 days.
This may be extended for an additional period of up to 60 days, subject to the complexity of the case. The conclusion must be disclosed publicly in accordance with the laws.
Denouncers and their relatives are protected by certain legal mechanisms. Although the denouncers must give their name and address when making the denunciation, their identifying information may be kept confidential.
Data privacy Currently, there are no specific laws governing the protection of data privacy in Vietnam. However, the requirement for keeping private information relating to an individual or organisation confidential may be found in various legal documents, such as the Civil Code No.As dangerous as a little knowledge is, even more dangerous is much knowledge without a strong, principled character.
Purely intellectual development without commensurate internal character development makes as much sense as putting a high-powered sports car in the hands of a . This publication has been jointly co-ordinated by the Secretariats of the OECD, UNODC, and World Bank under their sole responsibility.
It does not necessarily represent the views of the countries, business associations, or individual companies that are. The Institute of Business Ethics is a registered charity which promotes high standards of business practice based on ethical values. CODE OF BUSINESS ETHICS FOR EMPLOYEES.
At its meeting on 3 July , the CIE Board gave its approval for a Code of Business Ethics for Employees. Accounting Principles. An introduction to the fundamental aspects of financial accounting, including the preparation, presentation and interpretation of financial information within the context of making effective business decisions.
Types. There are a variety of legal types of organisations, including corporations, governments, non-governmental organisations, political organisations, international organisations, armed forces, charities, not-for-profit corporations, partnerships, cooperatives, and educational institutions..
A hybrid organisation is a body that operates in both the public sector and the private sector.