Collaboration between public and business sectors is key in the fight against corruption
As global regulation mushrooms and anti-corruption legislation is extended across more and more countries, we have also seen polarising of the public and private sector. On one side are those who make and enforce regulations: governments, institutions and regulatory agencies. On the other side are companies and individuals – those who must abide by these regulations wherever they do business and bear the consequences of non-compliance. In recent years the relationship between the two sides has become strained, at best. We think this division is unhealthy and unproductive. Approximately 50 nations have anti-corruption laws, often with many differences between them, and often there is little transparency about enforcement decisions. Numerous studies show that bribery and corruption is at the top of the regulatory risks companies face today, followed by anti-trust and competition regulation, data privacy and international trade ('Global Agenda 2012: Issues & Priorities for Senior In-house Counsel Worldwide' conducted by the World Law Group and ELD International). The same studies reveal that corporate legal and compliance chiefs find enforcement decisions inconsistent and uneven across the regulators and the regulated enterprises.
Authorities and corporations must work in partnership to develop a consistent global regulatory framework
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