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ARAC provides the course "Anti-corruption Ethics and Compliance Programme for Business" at the Colon Chamber of Commerce

On 22 March 2017, the Regional Anti-Corruption Academy for Central America and the Caribbean (ARAC) offered the course titled "Anti-corruption Ethics and Compliance Programme for Business" at the Colon Chamber of Commerce.
The United Nations Convention against Corruption (UNCAC) recognizes that states cannot fight corruption alone. Companies have, obviously, a vital role to play as partners for change.
Today, it is widely accepted that companies have the responsibility to act as good corporate citizens. This principle is increasingly reinforced by evidence and awareness among companies that combating corruption makes commercial sense and that a well-executed anti-corruption programme of ethics and compliance yields benefits in the long run.
On another hand, corruption also affects economic growth, distorts competition and has serious legal risks and reputation for companies. It alienates investors, acting as a hidden tax or illegal administrative collection, which consequently increases costs for companies and, ultimately, to its customers.
Corrupt practices are harmful to all large, small, multinational and local companies. Corporate scandals have rocked financial markets and undermined investor confidence. These incidents also receive enormous attention from the public and media, and affect the reputation beyond the entity in question or the people involved.
Demands for greater accountability in the private sector have led many companies, particularly among the largest corporations in the world, to apply principles to guard against corruption and safeguard their corporate image and interests of its investors, workers and customers.
Throughout the years, may international initiatives, standards and principles have been developed to provide guidance to companies on how to fight corruption within its operations as they strengthen ethical standards and compliance.
The training was delivered by Ms. Cristina Ritter, Legal Expert of UNODC, and attended by twenty-six (26) participants from the private sector, particularly companies from the Colon Free Zone.