Skip to content

  • Home
  • Expertise
  • Client results
  • News & Insights
  • People
  • Our DNA
  • Inclusion and Diversity
  • Join us
  • Contact Us
Home / NEWS & INSIGHTS / Insight / International Business Obligations
Insight 23 July 2018

International Business Obligations

WHO SHOULD READ THIS
  • Senior management and corporate officers.
THINGS YOU NEED TO KNOW
  • Having robust compliance programs in place, especially with respect to anti-corruption and trade practices has never been more important.
WHAT YOU NEED TO DO
  • Ensure that internal compliance policies and training are in place and continually updated.

Globalisation presents an attractive opportunity for growth for all businesses. With more Australian companies seeking to engage in multi-jurisdictional transactions, particularly in the United States, it is prudent to be aware of the importance of having robust compliance policies in place to promote risk minimisation and avoid significant financial and reputational damage that you could be exposed to.

The breadth of “international business obligations” continues to grow and compliance frameworks need to deal with:

  • anti-bribery
  • anti-money laundering
  • anti-trust laws
  • climate change
  • corruption
  • fraud
  • human rights
  • international trade and investment laws
  • privacy
  • sanctions
  • slavery, and
  • trafficking

Earlier this year, the United States Department of Justice Antitrust Division (DOJ AD) hosted a roundtable discussion which focused on the importance of a better recognition of compliance programs. Following these discussions, the International Chamber of Commerce (ICC) published a toolkit for small and medium size businesses with the aim of giving companies practical steps they can take to embed successful compliance policies.

Credible and appropriate compliance systems have many benefits. Importantly, they enhance reputation, promote strong organisational culture, increase risk awareness and lead to early detection and prevention of issues. The ICC toolkit suggests that the most critical success factor to establish effective compliance culture is to tone from the top – that is, senior management displaying a clear commitment to doing the right thing. Additionally, reviewing and updating compliance policies and controls is necessary to reflect the changing landscape and regulatory frameworks and highlight the companies’ commitment to take positive steps to avoid damaging penalties and enforcement action by regulators.

Importantly, in some jurisdictions, regulators consider the implementation of effective compliance programs favourably and take these into account during sentencing. The initiative of the DOJ AD to host discussions earlier this year suggests that the United States is willing to reconsider its position on compliance programs by giving such programs credit when sentencing. Other regulators, including the United Kingdom Competition and Markets Authority and the Canadian Competition Bureau already offer sentencing reductions for corporate compliance programs.

McCullough Robertson can assist in implementing appropriate compliance infrastructure to ensure you are well positioned if something does happen. We deliver the full spectrum of advice from audits, investigations and delivery of training programs to defending enforcement proceedings. Our approach is practical and commercial and tailored to your business.

If you would like to know more about compliance strategies and policies and their importance, please contact our leading international business obligations practitioners.

 

This publication covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. It is intended for information purposes only and should not be regarded as legal advice. Further advice should be obtained before taking action on any issue dealt with in this publication.

About the authors

  • Kristen Podagiel

    Managing Partner
  • John Kettle

    Partner
  • Erika Williams

    Senior Associate
  • Ann Watson

    Senior Associate

In other news

McCullough Robertson adds depth to growth industries in Government, Renewables and ESG, with key lateral partner hire in Brisbane, appointment of a new partner in annual promotions and development of ESG diversified business

4 July 2022Media, News

The DBP Act’s statutory duty of care under the microscope

29 June 2022Insight

2022-23 Queensland Budget

24 June 2022Insight

2022 EOFY trust distributions: handle with care

22 June 2022Insight

VIEW ALL NEWS & INSIGHTS

BRISBANE

Level 11, 66 Eagle Street
Brisbane QLD 4000
GPO Box 1855
Brisbane QLD 4001
Tel +61 7 3233 8888
Fax +61 7 3229 9949

 

GET IN TOUCH

    Contact form

    We handle your personal information in accordance with our privacy policy.

    Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

    sydney

    Level 32, MLC Centre
    19 Martin Place
    Sydney NSW 2000
    GPO Box 462
    Sydney NSW 2001

    Tel +61 2 8241 5600
    Fax +61 2 8241 5699

     

    GET IN TOUCH

      Contact form


      We handle your personal information in accordance with our privacy policy.

      Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

      melbourne

      Level 27, 101 Collins Street
      Melbourne VIC 3000
      GPO Box 2924
      Melbourne VIC 3001

      Tel +61 3 9067 3100
      Fax +61 3 9067 3199

       

      GET IN TOUCH

        Contact form

        We handle your personal information in accordance with our privacy policy.

        Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

        follow us

        CLIENT LOGIN

        newcastle

        92 Young Street
        Carrington NSW 2294
        PO Box 394
        Newcastle NSW 2300

        Tel +61 2 4914 6900
        Fax +61 2 4914 6999

         

        GET IN TOUCH

          Contact form


          We handle your personal information in accordance with our privacy policy.

          Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

          canberra

          Level 9, 2 Phillip Law Street
          Canberra ACT 2601

          Tel +61 2 6243 3669
          Fax +61 2 8241 5699

           

          GET IN TOUCH

            Contact form


            We handle your personal information in accordance with our privacy policy.

            Please do not send us any confidential information. By submitting this form, you agree that our review of the information you submit will not create a lawyer-client relationship between you and our firm (or any lawyer in our firm) and it will not prevent us from representing a party in any matter where the information you submit is relevant, even if that information could be used against you.

            © 2017 McCullough Robertson. Site map Disclaimer Privacy Policy Statement of Business Ethics Credit Reporting Policy

            X