Complyport - More Needs to Be Done to Crack Down on Institutionalised Corruption

LONDON--(BUSINESS WIRE)--Complyport a City of London compliance and regulatory consultancy on International Anti-Corruption Day, has called on private and public bodies to ensure accountability, integrity, and transparency in procurement processes, and operational practices.

Globally corruption is estimated to cost $2.6 trillion annually and with the global economy caught in the tailwinds of the storm created by the pandemic and other global events it is even more important for businesses and public sector bodies to ensure the laws of the land are complied, and decision making processes are transparent.

Martin Schofield Director of Financial Crimes and Forensic investigations at Complyport said:

“We need to ensure that there is compliance not just on paper, but in practice. We need companies to enable and protect whistle-blowers when illegal or corrupt practices are identified, and we need regulators globally to ensure that there is a zero-tolerance policy to those violating bribery or corruption laws. Sadly, not enough is being done to combat corruption in so called ‘developed economies’; and there are huge areas around the world where it is impossible to do business unless you bribe an official. It’s now time for a collective approach to combat this inherent problem in the global economy, we act locally and then we can address this globally.”

ENDS

Notes to Editors:

1. To arrange an interview with Martin Schofield of Complyport Ltd please email or call John Kaponi.

2. Complyport is a leading compliance and regulatory consultancy providing bespoke, practical solutions for all manner of regulated firms both in the UK and overseas. Our specialist compliance services expertise can either sit alongside your current compliance teams or, for an independent solution, we can bring our team in-house.

3. Established in 2001, Complyport combines former regulators, industry practitioners and legally qualified individuals to offer our clients an unparalleled, professional team.