World Economy

Anti-Bribery Policies a Flop

Anti-Bribery Policies  a Flop Anti-Bribery Policies  a Flop

A survey of board-level executives found that 80% have seen bribery and corruption at their companies, a sign that anti-bribery laws aren’t having enough of an effect, Bloomberg reported. In a survey of 500 executives from companies located in 12 countries, 59% of executives said their anti-bribery policies didn’t work and 87% believed the policies made it more difficult to build their business, according to the report from UK law firm Eversheds. It said, 33% of those asked said they didn’t do due diligence on anti-bribery measures when exploring mergers and acquisitions. Tackling bribery and corruption has become a political issue in the UK in recent years as lawmakers recognize the impact on the economy. Prime Minister David Cameron will host an Anti-Corruption Summit in London next week, bringing together leaders to discuss the global response. The issue came to the fore last month with the so-called “Panama Papers” scandal, where numerous documents leaked from Panamanian law firm Mossack Fonseca showed how some of the world’s wealthiest people channeled billions through offshore accounts, raising questions about tax evasion and money laundering.