DUBAI, UAE – January 14, 2014 – TRACE, the world’s leading anti-bribery standard setting organization, has completed its rigorous due diligence review of DA-Desk FZ-LLC. Accordingly, TRACE has granted DA-Desk the TRACE Certification, which demonstrates the company’s commitment to transparency in international commercial transactions.
According to Dr. Marcus Demgenski, Managing Director of DA-Desk, “Since the UK Bribery Act took effect and the U.S. expanded the Foreign Corrupt Practices Act, there has been a dramatic increase in companies being held accountable not only for themselves, but for their vendors and counterparties as well. The potential liabilities for the actions of a company and its agents can be very severe. Receiving TRACE Certification demonstrates to current and prospective business partners that we are recognized in the compliance community as having gone through the gold standard in due diligence and as such are committed to good governance and compliance.”
TRACE Certification due diligence reports contain a wealth of anti-bribery compliance information establishing that a commercial intermediary has been thoroughly vetted, trained and certified by TRACE. To successfully complete a review, a candidate must provide detailed responses to a broad-ranging questionnaire that includes:
· Detailed company, affiliate and subsidiary information along with corporate literature
· Business registrations
· Corporate ownership
· Identification of and CVs for owners, directors and key employees
· Additional ownerships, directorships and employment of all owners, directors and key employees
· Current and previous government employment of all owners, directors and key employees
· Three business references
· One financial reference or audited financial statement
The TRACE certification process also entails an in-depth background search spanning the past ten years as well as a search for denied party screening. In the case of DA-Desk, no adverse results were found.
A candidate company must adopt a code of conduct, conduct a mandatory anti-bribery training course and update its due diligence information on an annual basis. At DA-Desk, all employees are being trained.
Once a company successfully completes the vetting process and receives TRACE Certification, it can share its verified due diligence report with any global partner. For DA-Desk, the Certification, along with its membership in the Maritime Anti-Corruption Network (MACN) and the United Nations Global Compact (UNGC), is another proof point that the company is committed to transparency, good governance and compliance.
TRACE provides an end-to-end, cost-effective and practical solution for anti-bribery and third party compliance for global organizations. The TRACE Anti-Bribery Compliance Solution offers multinational companies and their commercial intermediaries an unparalleled membership program, scalable and customizable training options and risk-based due diligence and advisory services. TRACE International is a non-profit membership organization that pools resources to provide members with anti-bribery compliance support while TRACE Incorporated offers both members and non-members customizable risk-based due diligence, in-person training and consulting services. With a shared mission to increase commercial transparency, TRACE International and TRACE Incorporated provide companies with one complete anti-bribery compliance solution. For more information, visit www.TRACEinternational.org.
DA-Desk was founded in 2001 on the principle that an independent, distinct disbursement account (DA) service—not owned by port agencies or shipping companies—could provide an objective, automated DA process that would benefit both principals and agents. Today, the privately owned DA-Desk, headquartered in Dubai, UAE, is the world’s largest independent port cost management service provider. The company’s services and tools deliver operational efficiencies, enhanced security and cost savings while mitigating regulatory compliance risks for more than 190 customers making more than 120, 000 port calls annually around the globe. DA-Desk is dedicated to raising standards in the industry together with its customers. For more information, visit the company’s website at www.da-desk.com, call +971 4363 6200 or email email@example.com.