Expressing grave concern over the failure in taking proper actions against bribery in foreign trade, the Transparency International Bangladesh (TIB) has sought harsher anti-corruption steps to stop this.
It has urged the government, foreign trade partner countries and other stakeholders to ensure rigorous measures in foreign trade and investment.
Referring to a Transparency International report, the TIB alerted the government to risks of huge loses of various types, especially increased money laundering, for lack of anti-graft measures in global dealings.
The TIB has also called upon foreign trade partner countries to strengthen laws and enforcement systems.
"It's shocking that the biggest global exporters are showing the worst track records of compliance of their own pledges against foreign bribery," TIB executive director Dr Iftekharuzzaman said in a statement.
He cited China, Japan, India, Hong Kong, South Korea, Singapore, the Netherlands, Canada and Mexico as the poorest performers in this regard. Most of them are large trade and investment partners of Bangladesh.
"We're alerting our government, foreign trade entities and other stakeholders to take rigorous corruption prevention measures in foreign trade and investment."
"Drawing the attention of diplomatic missions and other representatives of the relevant countries, we also call upon them to take concrete actions against foreign bribery as they have committed under UN Convention against Corruption (UNCAC) and OECD Anti-Bribery Convention, as applicable," Mr Zaman mentioned.
The Berlin-based anti-corruption watchdog published its 13th edition of the report styled 'Exporting Corruption 2020: Assessing Enforcement of the OECD Anti-Bribery Convention' on Tuesday globally.
The report finds enforcement of law against foreign bribery shockingly low among half of G20 countries.
It says fewer of the world's biggest exporters are actively investigating and punishing companies paying bribes abroad.
The report also finds that active enforcement against foreign bribery significantly decreased since 2018.
According to the report, the share of global exports from the countries, which actively take actions against foreign bribery and money laundering, is down by more than a third.
"The 47 countries reviewed are responsible for more than 80 per cent of world exports. From 2016 to 2019, these countries opened 421 investigations and 93 cases, and closed 244 cases with sanctions, including 125 with substantial sanctions."
China, the world's largest exporter, failed to open a single investigation into foreign bribery between 2016 and 2019, although Chinese companies have been allegedly involved in multiple scandals and investigations by other countries, it said.
Two other non-OECD major exporters-Hong Kong and India-did not open a single foreign bribery investigation from 2016 to 2019, the study added.
Singapore opened only one investigation and concluded one case with sanctions during the past four years.
Mr Zaman said the timing of unveiling the report is particularly important for Bangladesh as it seriously needs expansion of foreign trade and investment.
"Time is ripe for the government and other stakeholders to mainstream anti-corruption practices in all sorts of business and investment dealings with foreign entities, the opportunities for which have been amply created by the UNCAC, of which Bangladesh is a State Party."
© 2024 - All Rights with The Financial Express
