Six steps to implementing an effective anti-corruption policy
At the Global Anti-Corruption Summit held in London on 12 May 2016, world leaders pledged to unite in the fight against corruption. Some may argue that this re-ignited enthusiasm is a calculated reaction by politicians to recent high profile corruption scandals – think FIFA, Petrobras, and the Panama Papers leak. But, the reality is that newer and tougher anti-corruption legislation is emerging worldwide and enforcement is on the rise. Corruption is also a considerable cost to businesses. A recent OECD study puts the total cost of corruption at 5% of the global GDP, or about US$ 2.5 trillion. The total amount of bribes paid annually is estimated at a sum in excess of US$ 1 trillion. Apart from being a cost to business, it is generally accepted that corruption is unethical and undermines fair competition, impedes long-term foreign and domestic investment, and distorts development priorities.
Bribery and corruption is becoming an increasing concern for businesses. If not managed properly, it could present, amongst others, legal and reputational risks for the business. We set out below six steps that can be taken to implement an effective anti-corruption policy in your company.
Ince & Co is a leading law firm in the maritime, transportation, off-shore, energy, aviation and insurance space, with more than 500 employees across the globe. Our multi-cultural team takes advantage of our in-depth experience and knowledge of our core sectors in working with you to prepare the right compliance policy to respond to the specific risks presented by your business operations.
For further information, please contact a member of our Corporate Ethics, Crime and Regulatory group or your local area representative.