Financial Services industry exposed to bribery and corruption
The financial services industry is one of those cited as having experienced instances of bribery and corruption in offshore operations, according to a new report released by Deloitte.
The report, the Deloitte Bribery and Corruption Survey 2012 for Australia and New Zealand, cited the top three industries to have experienced known instances of bribery and corruption in offshore operations as being energy and resources, manufacturing and engineering and financial services.
It found that these industries accounted for 60 per cent of the known instances.
Looking at who was at risk, the report found that 34 per cent of organisations had operations in high risk jurisdictions and that of these 21 per cent had experienced a bribery and corruption incident in the past five years - with 61 per cent of these occurring in the past 12 months.
It said that 46 per cent of organisations that had experienced a foreign bribery and corruption incident were parties to joint ventures with offshore operations.
Recommended for you
A Gold Coast-based financial adviser has been banned for four years by the corporate regulator after he provided inappropriate advice for Next Generation Advice regarding speculative and illiquid investments.
With $34.9 million in cash on its balance sheet, Fiducian executive chairman Indy Singh has said the licensee won’t be rushed into making large advice acquisitions or paying out special dividends.
ETF provider VanEck is set to launch its latest smart beta ETF – the MSCI International Growth ETF– ushering in a new growth international equities strategy.
Advancing research on the use of artificial intelligence in financial services, AMP has announced a strategic partnership with UNSW Sydney.
