More than a million people block the streets of Bangkok protesting government corruption
More than a million people block the streets of Bangkok protesting government corruption
Businesses around the world face ramping corruption levels in the supply chain. Companies are exposed daily to corrupt practices such as kickbacks, bid rigging, and facilitation payments. For example in Eastern Europe, companies often deal with the so-called accessorial payments; extra charges that help facilitate the movement of goods and front-of-the-line privileges.
The Foreign Corrupt Practices Act (FCPA) specifically prohibits the payment of bribes to foreign officials and addresses accounting transparency requirements. Companies that have committed FCPA violations suffer from a tarnished brand and face significant penalties. To reduce the corruption risks in the supply chain and the associated damage costs, organizations need to weigh what the risks are and develop anti-corruption measures before entering foreign markets.
