POLITICS & INSTITUTIONS - ECONOMY

Not tough enough, says report



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 OECD/Andrew Wheeler

Bribery: The OECD praised Luxembourg for passing a new anti-corruption regime last year, but said the Grand Duchy now has to “implement” the legislation “without delay.”

Luxembourg must step up its efforts to detect and prosecute cases of bribery of foreign public officials,” the rich world club said in a press statement, “to allow criminal proceedings to be taken not only against individuals but also against companies involved in such offences.

The report, issued Thursday by the OECD Working Group on Bribery, said the organisation is:

“[S]till concerned about the lack of sanctions for cases of bribing foreign public officials, and by the fact that only one case likely to constitute a case of bribing a foreign public official is currently being prosecuted, and that this is the first such case since the [anti-bribery] Convention entered into force in 2001.”

The OECD also recommended the Police Grand-Ducale be given additional powers to obtain information from financial institutions and the tax authorities during investigations. In addition, the report said Luxembourg’s government needed to better promote the Grand Duchy’s whistleblowers’ protection act.

Luxembourg is expected to provide an initial response to the OECD within one year and issue an official written report by June 2013.

The fight against corruption has been a major priority this year under France’s joint presidency of the OECD and the G20 group of major economies (photo).