Ethical Business Practices
ISO 37001 deals with one of the world’s most hazardous and challenging challenges head-on, demonstrating a solid commitment to corruption eradication. It provides an internationally recognized technique of dealing with illegal behavior that results in a trillion dollars in dirty money each year.
ISO 37001 applies to who?
Large or small, public, commercial, non-profit, or national, any entity can apply ISO 37001. It’s a versatile tool that can be tailored to the size and kind of firm as well as the bribery risk it confronts. The benefits of ISO 37001 accreditation for anti-bribery management systems. The ISO 37001 certification helps you to protect and preserve the integrity of your business by:
- allowing an external audit of your company’s anti-bribery rules and processes.
- They proved compliance with relevant laws, such as the Bribery Act.
- Working with clients to track and manage risk throughout your
- company and distribution network
- Ensure that all suppliers, subcontractors, and agents adhere to anti-bribery guidelines.
The MACC Act 2009, Section 17A,
According to the Act, “commercial organization” encompasses the following entities under the MACC Section 17A Malaysia:
- A business incorporated under the Companies Act 2016 that works in Malaysia or globally;
- A corporation incorporated in Malaysia that runs a business or part of a company there;
- Cooperation is a legal entity that operates a company in Malaysia or abroad and is governed by the Partnership Act 1961.
- A limited liability partnership that operates in Malaysia and is registered under the Partnerships Act 2012.
A commercial institution’s director, controller, officer, partner, or any representative in the planning of the commercial organization’s matters will be accused of the offense unless it can be proven that the defendant committed the crime without the person’s consent and that proper precautions were taken to prevent the commission of the offense.
As a result, the commercial organization must show the Court that appropriate measures were successfully communicated, adopted, and implemented inside the commercial organization to prevent linked people from committing bribery. A business entity convicted under Section 17A of the MACC Act 2009 faces a fine of not less than ten times the entire amount of the gratification in question or RM1,000,000.00, whichever is higher, or a period of imprisonment not more than twenty (20) years.
Individuals in Correlation
Associated persons are defined as directors, partners, and employees of the commercial institution who perform services on behalf of the commercial organization, according to Section 17A(6) of the MACC Act 2009. In the latter situation, a person doing favors for and on behalf of a business organization is decided using all available evidence, not only the nature of the relationship between the two parties. This is following Section 17A of the MACC Act of 2009. (7).
Every agency’s reputation is built on the foundations of integrity and faith. Bribery threatens the effectiveness of institutions and ethical business practices, which is why ISO 37001 was created. It is an International Standard that enables any organization to prevent, detect, and respond to bribery by instituting an anti-bribery policy, appointing a person to oversee anti-bribery conformity, training, risk monitoring, and due diligence on projects and business partners, implementing financial and business safeguards, and instituting reporting and investigation practices.