New controls raise the bar in fight against corruption but companies must step up

SINGAPORE'S reputation as a "clean" country did not come by chance. It is the result of decades of strong political will to sustain a robust and comprehensive anti-corruption framework, and build a society that frowns on corruption.

The Republic's fairly squeaky-clean image was reinforced by latest data from the Corrupt Practices Investigation Bureau (CPIB) showing that corruption cases locally fell to a 32-year record low in 2016. Notwithstanding this, incidences of bribery and corruption continue to command public and media attention locally and globally, and unethical conduct remains one of the most pertinent risks to organisations.

Business executives attest to this themselves. In the EY Global Fraud Survey 2016, over a third of the respondents were of the view that bribery and corruption were fairly rife in their countries. Given that many Singapore companies have business relationships with other parties overseas, particularly as the call for international growth and expansion grows, the exposure to bribery and corruption potentially widens and intensifies.