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Executives claim anti-corruption policies do not work in practice

Sep 27 2013 Ajay Shamdasani, Regulatory Intelligence

Half of the executives polled in a recent survey believe their company's anti-bribery and anti-corruption policies are good in principle but do not work well in practice. A key theme in the report from consulting firm EY was that the disconnect between policies and practices exposed Asia-Pacific companies to greater fraud and corruption risks. Specifically, the disparity between policy, enforcement and execution was hampering efforts to tackle fraud and bribery more regionally. "[With] Hong Kong and Singapore as key financial hubs in the region … compliance officers and lawyers need to take proactive steps to detect unethical behaviour before it is too late," said Chris Fordham, EY Asia-Pacific managing partner for fraud investigation and dispute services in Hong Kong. "It is important for organisations to be mindful of what impact regulations such as the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act (UKBA) may have on senior management brought in from overseas," he

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