Over 20 representatives of AmCham member companies from a variety of industries had the opportunity to learn about the importance of awareness of management’s focus on legal compliance and the consequences of failing to do so. They also received an overview of the scope of requirements imposed by Serbian Law and extra-territorial application of the US Foreign Corrupt Practices Act and the UK Bribery Act. At the time of an increased pace of adopting the new Serbian regulations required by the EU, signing international treaties regarding commercial matters, as well as enacting laws with extra-territorial application of broadening scope, participants were introduced to best practices and tools for utilizing internal and external legal and accounting resources to manage the compliance burden.
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Finally, the results of a European fraud survey this year accentuate the importance of anti-fraud policies within corporate sector, especially in times of crisis in developing markets. Having in mind regulatory incentives, reduced or waived penalties for companies with compliance policies, the benefits of a systematic approach to compliance issues becomes even more obvious.
Slobodan Doklestić, a Partner at Karanović & Nikolic Law office, presented the scope and coverage of legal compliance in general, reasons for ex ante legal compliance planning as well as the specific compliance burden imposed by Serbian legislation, with highlights from the recently adopted Company Law. He shared his practical experiences of the complexity of compliance in specific sectors with a multitude of local and international regulations, and advised managing risk of penalties through internal and external resources for performing a legal risk audit.
Patrick Callinan, Senior Associate at Karanović & Nikolić Law Office, presented a comparison between the US Foreign Corrupt Practices Act and the UK Bribery Act, pointing to the enlarged scope of compliance. In effect, subject to the UK Bribery Act are
Filip Bojović, Manager of the Fraud Investigation and Dispute Services at Ernst&Young, with extensive experience in the field in the