Combating bribery in business transactions is integral to effective corporate social responsibility and corporate compliance programmes. Hence, companies are conscious of the need for clean business practices, and are contributing to a more ethical business environment, strengthening country’s investment climate and corporate reputation, respecting public sector integrity, and ensuring a level playing field in international business.
India, one of the fastest growing economics of the world, has stepped up its efforts to combat bribery in international business transactions. A Bill on the Prevention of Bribery of Foreign Public Officials and Officials of International Organisations has also been submitted to Parliament, which will criminalise the bribery of foreign public officials in international business transactions by Indian nationals and companies.
This significant development is, coupled with the wide jurisdictional reach of other foreign bribery laws, such as those in the USA and the UK. It is imperative that Indian companies have a high level of awareness of not only the law and the wider implications of engaging in foreign bribery, but also of the tools to help them prevent this particularly corrosive form of corruption.
On September 30, 2011, an exclusive roundtable is being organised by FICCI Aditya Birla CSR Centre for Excellence in collaboration with Organisation for Economic Cooperation and Development (OECD) to raise awareness of foreign bribery, its implications, and the means in place to help prevent and combat it.