APEC code cracks down on bribery
A drive to eradicate bribery and corruption in business deals was launched in a wide-ranging code of conduct unveiled at an Asia Pacific meeting.
By Agencies |
SYDNEY: A drive to eradicate bribery and corruption in business deals was launched in a wide-ranging code of conduct unveiled at an Asia Pacific meeting here Friday.
Using contributions to political parties and charities as a "subterfuge" for bribery is also targeted in the Asia-Pacific Economic Cooperation (APEC) code of business released ahead of a summit at the weekend.
Australian Attorney General Philip Ruddock said it provides descriptions of various forms of bribery and clear guidance on how to identify corrupt practices.
Anti-corruption programmes are to be monitored and reviewed, and employees are encouraged to report suspicious circumstances in their companies.
"Corruption in the APEC region and beyond has serious and widespread consequences -- it limits economic development, it discourages investment and it keeps people living in poverty," Ruddock said in a statement.
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He cited research by the World Bank Institute showing that over a trillion dollars a year is paid in bribes worldwide.Download
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