As highlighted in a previous Corporate Compliance Trends post about the importance of anti-corruption efforts in Indonesia, corruption is a major problem in the country. According to a Gallup poll, more than 8 in 10 Indonesians say that corruption is widespread throughout the nation’s government and businesses. Instances like the current corruption allegation involving the House… Read More
Corruption costs a lot of money for citizens around the globe. The World Economic Forum and the World Bank estimates that corruption reduces global GDP by 5% ($2.6 trillion) per year with over $1 trillion paid in bribes. For businesses, corruption makes up 10% of the total cost of doing business and up to 25% of… Read More
The Chinese government’s crackdown on corruption is more than a passing trend, as evidenced by over $700 million in fines levied on foreign firms in 2014 alone. But enforcement has been largely contained to domestic affairs, despite a law on the books forbidding Chinese companies from engaging in bribery abroad. If Chinese prosecutors were interested… Read More
Japan is one of the oldest signatories to the OECD Convention on Combating Bribery of Foreign Public Officials — and also one of the worst performing. Since signing the Convention in 1999, the Japanese government has only prosecuted three bribery cases. In addition, the Japanese Diet has yet to ratify the 2003 UN Convention against… Read More
In recent years, the private sector has been increasingly responsive to supply chain issues. This is a result of two distinct forces – one related to corruption, and the other related to issues such as human trafficking and child and other labor issues. While the focus on corruption has largely resulted from legislation such as… Read More
Corruption is a systemic problem that plagues many transitional countries across the world, rooted in weak rule of law and lack of private property rights. Not only does corruption erode trust in public institutions, such practices also hinder economic growth and weaken democratic governance. The corruption challenge can be addressed by building responsive institutions that offer… Read More