Business Partners that are bidding on OPEC Fund related projects, though government administered, must also avoid conflict of interest. In cases where conflict of interest cannot be avoided, Business Partners are expected to disclose to the OPEC Fund any situation that constitutes or may appear as a conflict of interest. Examples of conflicts of interest, include, but are not limited to: • bidding vendor owner or significant investor is related to the OPEC Fund employee responsible for the related service being procured, • bidding vendor employee is a close friend of a government official responsible for the related service being procured. Gifts and Invitations - Business Partners must not offer any gifts 1 , hospitality 2 , or other benefits to OPEC Fund staff members or their immediate family. Business Partners must not give or accept gifts from any sources if intended to serve the purpose of obtaining or exchanging a favor, or influencing any other person’s performance of official duties and responsibilities.
Business Integrity Regulations - Business Partners are expected to comply with applicable business integrity regulations where they operate and leading international standards related but not limited to:
• combating money laundering and terrorism financing,
• financial sanctions,
• anti-bribery and corruption,
• fraud management,
• whistleblowing and complaints management.
1 Exemptions for government entities in the instance where the gift is inexpensive such as a souvenir, calendar, diary or similar tokens given in the spirit of harmonious business relations or the gift/hospitality is edible, as a show of goodwill or to celebrate an occurring festivity, for example, Christmas, Eid, or other occasions. 2 Exemptions when hospitality is associated with the demands of work for example, working meals or legitimate representational functions to meet and discuss business, and the scope and cost of the hospitality do not appear excessive
OPEC FUND
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