It's International Anti-Corruption day on December 9th. Corruption is a global issue and one of the biggest obstructions to economic and social development around the world. It's estimated that every year, $1 trillion is paid in bribes world-wide. It's also estimated that $2.6 trillion is stolen annually through corruption. This equals more than 5% of the global GDP. Bribery helps corruption along it's path of destruction. And when businesses use bribery and corruption in order to try to get ahead, or win the bid, more people end up getting hurt because of it.
The G20 leaders wrapped up their two-day Summit on Saturday with a common commitment: the fight to stop corruption.
The UK chapter of Transparency International recently released a handbook focusing on the culture of bribes. Entitled “How To Bribe: A Typology of Bribe-Paying and How to Stop It”, the report outlines the bribery culture within corporations and how to combat it. It stresses that bribery is a rampant issue, and is just as prevalent in the US and UK as it is overseas. Therefore, companies should view clearly-defined bribery policies as an integral part of their overall ethics and compliance program.