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SARAJEVO, May 24 (FENA) - The companies, participants of the Third Balkan Compliance & Ethics Forum will gain knowledge in the segment of international standards, which is important because of the increasingly frequent imposition of sanctions by the World Bank, the European Bank for Reconstruction and Development (EBRD) and other financial institutions.
The forum was organized in Sarajevo today by the American Chamber of Commerce in BiH (AmCham) and the West-East Forum for Ethics and Compliance (WEFEC).
President of WEFEC Bojan Bajić said in a statement for FENA that the EBRD representatives from London, from the Department for Investigations of Violations of Business Practices and the Sanctions Department, will provide companies with instructions on what exactly they are and what they are not allowed in their business practice.
Bajić explained that this forum is primarily attended by companies that have business integrity standards in their business practice, which means they have mechanisms and commitment not to be involved in prohibited business practices such as corruption, fraud, competition law violations, coercion and obstruction.
Bajić noted that a novelty introduced as of this year is that EBRD and the World Bank are issuing sanctions to BiH companies that do not respect international rules.
“BiH businesses need to adapt to this new reality,” emphasized Bajić, who believes that some business practices are coming to an end in the Western Balkans, not because of someone's business ethics, but solely because of the sanctions and pressure from the international institutions.
(FENA) S. R.
