FOCUS 29
THE ABC OF ABC
by ANNABEL REOCH, Director Anti-bribery and Corruption, Forensic
Anti-bribery legislation places an additional burden on companies, including those in the oil and gas industry, to assess the risks of bribery and corruption not only within their organisation, but also of those doing business on their behalf.
T
PROTECTING YOUR BUSINESS FROM BRIBERY AND CORRUPTION
here are some regions of the world, parts of Africa being a good example, where unreceipted payments to offi cials have become commonplace – but such business
practices are unsustainable in a global economy where the spotlight on illegal and corrupt activity is shining brighter than ever. Increasing levels of legislation and regulation and the activities of NGOs such as the OECD1
, Development
Institutions such as the World Bank and the international business community mean that companies are being forced to scrutinise their operations in order to identify and mitigate bribery and corruption risk. Global standards such as the Extractives Industry Transparency Initiative (EITI)2
and reports such as the Corruption
Perception Index (CPI) published by Transparency International3
fairer business environment.
The President of the World Bank recently stated that “corruption at both the public and private level is the scourge of the developing world”. The Bank has set out its plans to hire more experts in the rule of law and other governance issues in order to provide technical advice to its member countries. This technical support is a further demonstration of the global efforts being undertaken to assist countries to improve their governance structures in order to help to stamp out corruption.
The OECD Anti-Bribery Convention, formed in 1999 and adopted by 40 countries, establishes legally binding standards to criminalise bribery of foreign public offi cials in international business transactions.
1
The EITI aims to increase transparency so that information is made available to hold governments to account for how oil, gas and mineral riches are used (
https://www.gov.uk/extractive-industries-transparency-initiative).
2 3
http://www.transparency.org/cpi2013/results © 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved. epitomise the global drive towards a
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