The lack of progress on corruption is having a detrimental effect on the economic performance and political environment of the BRIC countries, as well as exposing foreign companies to high levels of risk of complicity when conducting business with government officials and local partners. Public disillusionment with government corruption is also a key factor in rising levels of societal unrest in the BRICs.
The international survey of over 300 senior in-house lawyers, conducted for Control Risks by the Economist Intelligence Unit (EIU), reveals companies have much to do to stamp out corruption within their businesses and ensure they do not fall foul of the increasingly tough stance adopted by regulators.
The Director for Anticrime Programs, Bureau of International Narcotics and Law Enforcement Affairs, a part of the U.S. State Department, affirmed the importance of anti-corruption efforts in relation to international business, while speaking at a recent conference in China.
After years of national and international pressure and amid much publicity, modern anti-bribery laws came into force in Britain in July 2011. More than two years later, not a single company has been charged under the UK Bribery Act.