CoC Principles
Business Partners have the following obligations as it relates to OPEC Fund operations: 1. Business Integrity General Compliance - Business Partners must adhere to all applicable laws, regulations and rules where they operate. Integrity - Business Partners must act with respect, honesty, propriety, fairness, professionalism, and a high degree of integrity and concern for the OPEC Fund’s interests and avoid situations and activities, which may reflect adversely on the OPEC Fund, compromise its operations or damage its reputation. Corruption & Fraud –Business Partners must adhere to the highest standards of ethical conduct and not engage in any form of integrity violations, including, but not limited to: • Corruption is dishonest or fraudulent conduct by those in power, typically involving bribery. Bribery is offering, giving or receiving anything of value with the intention of inducing a person to act or to reward a person for having acted. • Collusion is an arrangement between two or more parties designed to achieve an improper purpose. • Coercion is impairing or harming (or threatening to) directly or indirectly, any party (or their property) to influence improperly the actions of said party. • External credit fraud is the application for credit using someone else’s credentials, or knowingly providing false information, to borrow money with no intention of repaying the debt. This fraud can occur pre and post application (e.g. original intention to repay debt, but due to economic hardship, engage in credit fraud on existing line of credit). • Procurement fraud is knowingly omitting or providing false information in order to gain an unfair advantage in securing a procurement contract. • Asset fraud/abuse, which is theft, waste, or improper use of assets, committed either intentionally or through reckless disregard. • Facilitation payments, which is a small bribe known as a ‘grease payment’ or a ‘speed payment’; typically solicited to facilitate or expedite the performance of a routine transaction or service to which the company making the payment is legally entitled to receive.
OPEC FUND
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