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If you Think FCPA Compliance is
Tough in Thailand, just Consider what it will be like in Myanmar
Judging from several recent events in Bangkok, there is tremendous interest on
doing business in and with Myanmar. The
American Chamber of Commerce's recent program on US Trade and Investment in
Myanmar was over-subscribed. The primary
focus now is clearly on lifting the myriad of U.S. sanctions on doing business
in and with Myanmar.
But there is one 'sanction' that is not going to go away: the Foreign Corrupt
Practices Act and other laws, such as the UK's Anti-Bribery Act and other
domestic laws implementing the anti-corruption prohibitions of the OECD
Convention. Thailand scored a poor 3.4
and ranked 80 on Transparency International's Corruption Perceptions Index for
2011, but Myanmar scored 1.5 and ranked 180 on this same index. Only North Korea and Somalia scored worse
than Myanmar. The US Commercial
Service's guide to Doing Business in Burma begins with this blunt assessment:
'Poor policy making, minimal rule of law, inadequate infrastructure and weak
education combine to hinder economic growth in Burma', and then goes on to
identify the absence of an independent judiciary, a 'lack of legal
transparency' and 'omnipresent corruption and cronyism' in its list of market
challenges.
While most of the business press has focused on the US sanctions regime as the
major legal challenge to doing business in or with Myanmar, compliance with
foreign anti-corruption laws will likely pose an even bigger legal challenge
for companies doing business in Myanmar.
Our agenda:
• What is the FCPA? What aspects of the
FCPA are particularly troublesome for Myanmar? - Douglas Mancill, Partner,
PriceSanond, Bangkok, Thailand. [25 minutes]
• Use of Accounting Forensics to Comply with the FCPA and Ferret out Violations
when they Occur. Peter Coleman, Head of
Forensic, Southeast Asia, Deloitte & Touche, Financial Advisory Services
Pte Ltd [25 Minutes]
• Cost of Doing Business Survey Results - Myanmar Task Force, American Chamber
of Commerce in Thailand. [20 minutes]
• Q&A - Until 2 p.m.
