Applies to: Health Check
Bribery and corruption is a major issue - the World Bank estimated over USD$1 trillion is paid in bribes annually
Eliminating bribery of foreign public officials remains a key priority for the G20 with all countries giving their commitment to enacting and implementing foreign bribery legislation.
Governments have made progress in addressing bribery through international agreements such as the OECD’s convention on combating bribery of foreign public officials, which sets legally binding standards on the 34 OECD member and 7 non-member countries to criminalise bribery of foreign public officials in international business transactions.
The United Nations Convention against Corruption, also sets out a range of general provisions, preventative measures, criminalisation and law enforcement, asset recovery and international co-operation.
The penalties for non-compliance with Anti-Bribery laws are increasing, with the largest fine now exceeding USD$3.5 billion, clearly indicating that many Anti-Bribery programmes are falling way short of what regulators expect of them.
In October 2016, the ISO 37001: Anti-Bribery Management Standard was published, marking the launch of the world’s first international standard on anti-bribery prevention.