You are using an outdated browser and your browsing experience will not be optimal. Please update to the latest version of Microsoft Edge, Google Chrome or Mozilla Firefox. Install Microsoft Edge

August 25, 2018

Myanmar: DICA Announces Anti-Corruption Code of Ethics for Companies

Subscribe to Updates

On August 3, 2018, Myanmar’s Directorate of Investment and Company Administration (DICA) issued an announcement enacting an anti-corruption code of ethics intended to prevent corruption in both public and private transactions.

The code of ethics prohibits all companies and bodies corporates incorporated under the Myanmar Companies Law (2017) from engaging in the following activities in the course of their business:

  • Providing and offering, directly or indirectly, gifts, entertainment, and other preferential treatment;
  • Providing, directly or indirectly, necessary assistance in travelling;
  • Conferring, directly or indirectly, a financial advantage to get a business opportunity;
  • Offering, directly or indirectly, charitable donations;
  • Conferring, directly or indirectly, political contributions; and,
  • Providing, directly or indirectly, assistance to get employment in companies or organizations for personal interest.

The announcement states that DICA “encourages all companies and body corporates … to respect and abide [by] the anti-corruption code of ethics.” While the extent to which this notification is strictly binding remains in question, and there are several ambiguities in the text that need to be resolved, it is clear that all Myanmar-incorporated entities should comply with the anti-corruption code of ethics, in all transactional dealings, with immediate effect.

Related Professionals

Practices

Compliance and Investigations

Location

RELATED INSIGHTS​ 

September 11, 2020
Cambodia’s new Anti-Money Laundering and Combating the Financing of Terrorism Law (the “2020 AML/CFT Law”) came into force in June 2020, abrogating the 2007 law of the same name and the accompanying sub-decree from 2013.The 2020 AML/CFT Law differs in three major ways from the 2007 law: (1) more specific definitions, (2) a requirement for reporting entities to introduce enhanced due diligence measures, and (3) increased penalties for non-compliance.Altered Definitions of Legal Terms
Read More
September 10, 2020
By recommendation of the Financial Action Task Force (FATF), Thailand is preparing to amend the Anti-Money Laundering Act B.E. 2542 (1999) (AMLA) and the Counter Terrorism and Proliferation of Weapons of Mass Destruction Financing Act B.E. 2559 (2016) in order to be consistent with international standards. The public hearing on the draft acts was completed on June 15, 2020, and the laws will now continue through the cabinet and parliament. Key Draft Amendments to the Anti-Money Laundering Act
Read More
May 5, 2020
The Global Attorney-Client Privilege Guide, published by Lex Mundi, provides information on what constitutes attorney-client privilege in over 65 jurisdictions around the world. The Thailand chapter of the guide was written by Michael Ramirez, counsel in the dispute resolution group of Tilleke & Gibbins’ Bangkok office.
Read More
April 16, 2020
On April 15, 2020, the Lao Prime Minister’s Office issued Notification No. 481/PMO, which provides further recommendations on the implementation of PM Order No. 06/PM issued on March 29, 2020, including the extension of the earlier lockdown measures imposed in Laos to May 3, 2020, and reiterating that measures to tackle the COVID-19 pandemic should remain in effect until further notice. 
Read More