Tackling bribery and corruption

Description:

Enterprises operating abroad already face the challenge of ensuring compliance with unfamiliar legal systems, conventions and political circumstances. These companies can be squeezed out of the market by unethical behaviour such as bribery and corruption which ultimately distorts the market and reduces competition. The consequences of bribery and corruption are very serious from an economic perspective, with the World Bank estimating that 0.5% of world GDP is lost each year.

Implication(s):

The consequences of bribery and corruption are very serious from an economic perspective, with the World Bank estimating that 0.5% of world GDP is lost each year. It also creates an unfavourable business environment, particularly in relation to foreign direct investment and it allows organised crime to thrive unimpeded.

Current Position:

The OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions was signed in December 1997 and came into force in February 1999. Ireland ratified the convention in September 2003.

Link(s):

Tackling bribery and corruption - a cross departmental approach by the Irish government to raise awareness of bribery and corruption

Contact:

Paula O'Dwyer
Phone: +353 1 605 1676
Email: firstname.lastname@ibec.ie

Last Updated: 05/27/2014