Dec 7, 2015
In the November/December 2015 issue of Lexpert Magazine, journalist Paul McLaughlin reported on the legal profession’s reaction to regulations recently introduced by the federal government to fight corruption by Canadian companies conducting business internationally. Riyaz Dattu, a partner in Osler’s International Trade and Investment Law Group and an expert in anti-corruption, was one of the lawyers canvassed for feedback on the so-called integrity regime that was first proposed in 2012 and underwent a second round of amendments in 2015.
In the article, Riyaz emphasizes the importance for companies to have “real and effective compliance programs” instead of waiting to deal with corruption issues after the fact. In that context, he comments on the recent MagIndustries Corp. bribery case that resulted in the company hiring independent counsel to launch an investigation – an investigation that it stopped financing halfway through. Riyaz states that the “case demonstrates that proactive measures through the implementation of corruption compliance programs, which can be prepared and effectively implemented for only a few thousands of dollars, is a more efficacious use of corporate funds.”
McLaughlin also includes extensive quotes from an Osler Update co-written by Riyaz addressing the impact of provisions included in Canada’s Extractive Sector Transparency Measures Act which came into force on June 1, 2015 and includes a requirement for “Canadian businesses involved in resource extraction to file detailed reports” of payments made to any government, in excess of $100,000 in a given year.
Read the full article “Integrity Rules: tough regulations to fight corruption in Canada” in the November/December 2015 issue of Lexpert Magazine.