14 June 2012. US-based Walmart Stores Inc today said it is tightening anti-corruption practices in India, amidst reports of US lawmakers asking the retail giant to review its operations in the country along with those in four other nations.
“This (anti-corruption measures) is part of the previously announced worldwide review of our anti-corruption programme that we initiated in March of 2011 including the global review that the company is conducting of its policies, practices, and controls for FCPA compliance,” a Bharti Walmart spokesperson said in a statement.
Bharti Walmart is a 50:50 joint venture between Walmart Stores Inc and Bharti Enterprises that operates wholesale stores in India.
The spokesperson further said the initiative includes developing and implementing recommendations for Foreign Corrupt Practices Act (FCPA) training, anti-corruption safeguards, and internal controls.
Foreign Corrupt Practices Act of the US bars bribes to officials of foreign governments.