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
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
