TRACE International and American Chamber of Commerce in Libya Partner to Boost Compliance, Due Diligence in Libyan Market

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Aug 06, 2013, 09:00 ET

WASHINGTON and TRIPOLI, Libya, Aug. 6, 2013 /PRNewswire/ -- TRACE International and the American Chamber of Commerce in Libya announced a strategic alliance, effective July 01, 2013, to respond to the increasing demand for a due diligence standard in the country and to help strengthen business ties between Libya and the United States. TRACE engages with organizations worldwide to promote transparency in international business and to achieve a common standard for anti-bribery compliance and third party due diligence. AmCham Libya is the first, of what is expected to be many, international chapter of the American Chamber of Commerce to collaborate with TRACE.

As an exclusive regional partner, Trace will work with AmCham Libya to help its members complete and maintain their own verified anti-bribery due diligence information. Under the agreement, AmCham Libya members are required to complete TRACEcertification, a comprehensive due diligence review, analysis and approval process, which includes a mandatory online training course and annual review of due diligence compliance.

Alexandra Wrage, President of Trace International, stated, "We are delighted to be working with AmCham Libya members. TRACEcertification provides the transparency required by global business partners and gives AmCham members a streamlined reporting process. This initiative is a ground-breaking step in moving toward worldwide compliance."

Richard Griffiths, President of The American Chamber of Commerce in Libya, said, "Our mission is to support the development of trade and economic ties between Libya and the United States. We believe that by adding this process to our membership, we are setting the very highest standards in relation to anti-bribery and third party due diligence."

Brian Feser, Textron System Vice President of Strategy and Business Development, stated, "Textron Systems is a strong supporter of this new partnership in Libya. We believe this can be a great resource for the Libyan government and industry, and for U.S. companies as they look to collaborate with Libyan business partners."

TRACE and AmCham Libya will cohost a training workshop on November 12, 2013 in Libya, which will provide AmCham members with an introduction to TRACEcertification and an update on international trade compliance.

About TRACE International

TRACE (www.traceinternational.org) develops cost-effective anti-bribery compliance and due diligence solutions for multinational companies and their commercial intermediaries, including sales agents and representatives, consultants, distributors, suppliers and others. Headquartered in Annapolis, Maryland, TRACE is committed to pragmatic alternatives to increasingly time-consuming and expensive corporate compliance.

About AmCham Libya

The American Chamber of Commerce in Libya (www.amchamlibya.org)is a member-based organization that seeks to foster economic development by American companies in Libya through the promotion of regional trade and investment, business development, public policy advocacy, human resources development and business community outreach. AmCham members include Raytheon, Textron, Beechcraft, Mammut Corporation, Northrop Grumman, Lockheed Martin, Cessna, Bell Helicopter, Cummins Inc., OshKosh Corporation, Clyde and Co LLP, Ideal Innovations, Sikorsky, Africair, MAG Defense, Navistar Defense, DAI, AMS Management Services, Caterpillar, Askari, Fluet Huber and Hoang, Track24, and Radisson Blu.

For more information on this partnership or TRACE, contact: [email protected] or [email protected]. For more information on AmCham Libya contact: [email protected] or [email protected]

SOURCE TRACE