Rooting out corruption
The new UK Bribery Act signals the start of a new era of enforcement for Chinese organisations on the world stage. If they haven’t done so already, PRC companies must review their existing anti-corruption policies and procedures, and assess their business risks to ensure they put in place appropriate measures to deter and deal with any corrupt acts
Issue: July/August 2011
Keywords (click to search):
UK Bribery Act
Herbert Smith
anti-corruption
Chinese outbound investment has reached record levels. Companies that once focused solely on the domestic Chinese market are now investing, and operating, in markets around the world. These activities present tremendous commercial opportunities and many Chinese corporates have become global leaders in their sector. However, with this growing presence in the global marketplace also comes increased risk. Many of these companies operate in emerging markets across Asia, Africa and the Middle East. Every day they are faced with significant corruption-related issues.
In order to protect themselves, Chinese companies must assess the relevant laws and regulations and take appropriate measures to mitigate their risk exposure. This means not only assessing their risk under the PRC Criminal Law (中华人民共和国刑法) and the anti-corruption legislation of the host country, but also looking as well to anti-corruption laws from other jurisdictions where the Chinese organisation may have operations and determining whether those laws subject the...
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