ACCA RAISES AWARENESS ON CORRUPTION AND ANTI-BRIBERY EFFORTS IN THE RUN-UP TO INTERNATIONAL ANTI-CORRUPTION DAY 2019

Ethical business environment essential for SMEs; 64% see bribery and corruption as having a negative impact on the business environment

KUALA LUMPUR, Dec 3 (Bernama) -- In conjunction with International Anti-Corruption Day on 9 December, ACCA (the Association of Chartered Certified Accountants) draws much-needed attention to the impact of bribery which has become a global concern for many developing nations all over the world.

The timely release of this report on ‘Combating bribery in the SME sector’ which is compiled from various countries and regions forms part of ACCA’s global strategy to raise awareness and advocate for rightful and ethical practices in business. The report covers a multitude of challenges faced by small- and medium-sized enterprises (SMEs) within a corrupted business landscape.

The World Bank estimates that businesses and individuals worldwide pay over $3.6 trillion in bribes every year. In 2017, the Transparency International Survey conducted on 160,000 respondents reveals that 1 in 4 participants had paid bribes for public services over the last 12 months.

Today, SMEs account for 99% of registered businesses around the world and although the impact of bribery and corruption in this sector can be significant, it continues to receive relatively little attention globally.

“Awareness on corruption and anti-bribery efforts can help inform parties such as investors, stakeholders and consumers of their shared responsibility to uphold ethical behaviour in the management of their business practices,” explained Edward Ling, Country Head of ACCA Malaysia. “In our professional capacity, reports like these serve to educate the public and future generations of accountants on the importance of fulfilling our responsibilities with due diligence and integrity.”

Impact of Bribery on Industry & Economy
The survey-based report found that 64% see bribery and corruption as having a negative effect on the business environment. As many SMEs already struggle with cash flow, bribery is an additional financial and ethical burden that impedes its operations, growth and survival.

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