Impact of bribery and corruption on business
Some companies manage to survive and get away with bribery and corruption while others get caught up in public scandals that cost them a fortune destroying their brands, defending themselves and ultimately losing out on business, a top bribery and corruption-buster said. Retired Judge Ameer Ismail, Chairman of the Commission to Investigate Allegations of Bribery or Corruption (CIABC), speaking on the topic ‘Bribery and Corruption: Impact on Business Environment’ said that compliance with the law is easier said than done. Compliance with policies, procedures and customer expectations around ethics is even harder. ‘Corporate ethics’ is about doing the recent ‘right thing,” he said addressing the recent Third Key Person’s Forum jointly organized by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) and Small and Medium Enterprise Developers (SMED). Any form of behaviour which departs from ethics, morality, tradition and civic virtue could be labelled as corruption and corruption slowly buy steadily destroy the fabric of society. Corruption is the misuse of power, office or authority for private profit which could occur in the public and private domain. Enforcement in all sides is necessary to ensure not only individuals but also high-powered politicians and corporations will be subject to the same standards. Law enforcement and corruption investigation would then be a uniform process, he told the audience. Ismail said that corruption is a global phenomenon, but it has a greater impact on developing nations and the characteristics of corruption is extremely destructive in the Third World where corruption occurs upstream. Most of the money gained through corrupt means in the Third World is immediately smuggled out to safe havens abroad. He said that in the Third World corruption is not effectively confronted, but it is sometimes overlooked and not punished. It leads often to promotion of individuals...
Please join StudyMode to read the full document