All posts tagged: bribery

OECD report challenges widely-held assumptions on foreign bribery

The majority of foreign bribes were paid by large companies, usually with the knowledge of senior management, to officials from developed countries to win contracts and cut through red tape, reveals an eye-opening report from a leading think tank that shatters many commonly-held preconceptions about corruption risks.

The report by the Paris-based Organisation for Economic Co-operation and Development, which analyzed 427 foreign bribery cases over the past 15 years, should prompt companies to review and tailor their anti-corruption compliance programs, particularly since nearly a third of the cases occurred in the extractive and construction sector, areas where Canadians are big world players, say compliance experts.

“It’s possible to do business without corruption,” said Milos Barutciski, the co-head of international trade at Bennett Jones LLP in Toronto.