The introduction of the Anticorruption Law, and supplementing Anticorruption Legislation, is helping to combat corruption in Russia. Recently, the Russian Federation ratified the OECD Convention on Combating Bribery – effective from 13 January 2012 – as part of Russia’s continued efforts to improve its Transparency International corruption ranking and attract additional foreign investment.
Many non-Russia-based companies operating in Russia will already have anticorruption compliance programs in place, through the legislation in their home countries. However, to avoid potentially severe civil and criminal penalties, it is crucial to understand the Anticorruption Law and the Anticorruption Legislation.
This Squire Sanders publication provides an overview of the key elements of Russian Anticorruption Laws. It defines the term ‘corruption’ in Russia, and explains the legal and organisational framework intended to eliminate corruption. It covers the penalties that can be imposed for failing to comply with either the Anticorruption Law or accompanying legislation, as well as how US and UK Anticorruption legislation may still affect a company.