The new standard that is ISO 37001:2016 will be a significant addition increasing transparency in the UAE and making it more attractive to foreign investors.
ISO 37001:2016 certification, issued by UAE-based Tasneef-Rina Business Assurance, a subsidiary of the Emirates Classification Society, Tasneef, specifies requirements, and guides establishing, implementing, maintaining, reviewing and improving an anti-bribery management system.
The UAE is one of the first countries in the region to adopt the standard and to develop methods for testing and inspection following its introduction. Moreover, it is the second anti-corruption standard of its kind on the global scale.
Rashid AlHebsi, the chief executive of Tasneef-Riva Business Assurance (Tasneef), said the new standard would also help to increase transparency in the country, making it more attractive to foreign investors. The UAE has seen progress in developing the financial industry and adopting the best mechanisms to enforce corporate governance, enhanced with directives from the country's top leadership.
The new standard is part of its efforts to combat financial corruption and build a sustainable economy capable of countering any future challenges, Sultan Al Mansouri said during a press conference held to announce the certification. The UAE has led the Middle East and North African countries on the Corruption Perceptions Index 2016, issued by Transparency International, he added.
The UAE’s financial market regulator had signed a memorandum of understanding with Tasneef-Rina Business Assurance to improve corporate governance standards across listed companies.
Under the memorandum of understanding, the two entities will now be looking at launching three standards for publicly-listed companies: anti-bribery management, corporate social responsibility, and business continuity.