DUBAI -- Sultan Saeed Al Mansouri, Minister of Economy and Chairman of the Securities and Commodities Authority, has handed over a ISO 37001:2016 certification to Robert Bosch Middle East, a fully-owned subsidiary of multinational engineering and electronics company Robert Bosch GmbH.

ISO 37001:2016 specifies requirements, and provides guidance for establishing, implementing, maintaining, reviewing and improving an anti-bribery management system.

The certification, issued by UAE-based Tasneef-Rina Business Assurance, a subsidiary of the Emirates Classification Society, Tasneef, is the first anti-corruption standard of its kind in the Middle East and the second globally.

The UAE has seen progress in developing the financial industry and adopting the best mechanisms to enforce corporate governance, thanks to directives from the country's top leadership.

This is part of its efforts to combat financial corruption and build a sustainable economy capable of countering any future challenges, Sultan Al Mansouri said during a press conference held to announce the certification.

The UAE has led Middle East and North African countries on the Corruption Perceptions Index 2016, issued by Transparency International, he added.

The UAE's financial market regulator had signed a memorandum of understanding with Tasneef-Rina Business Assurance to improve corporate governance standards across listed companies.

Under the MoU, the two entities will now be looking at launching three standards for publicly-listed companies: anti-bribery management, corporate social responsibility, and business continuity.

Source: Emirates News Agency