(Photo: Sydney Morning Herald)
More than a quarter of Australia’s largest public companies have no rules preventing their staff paying small bribes, known as “facilitation payments”, to help their business in foreign countries that allow such transactions.
A survey conducted by the Uniting Church found 27 members of the ASX 100 tolerate payments that grease the wheels of business in overseas markets, as the Law Council of Australia claimed “much could be done to improve the effectiveness of Australian sanctions against the bribery of foreign public officials”.
“It should not be assumed that bribery of foreign public officials involving Australian corporations or persons who are Australian citizens or residents does not take place,” the Law Council said in its submission to the Senate inquiry into foreign bribery.
The full original article can be found at smh.com.au