Corruption In Canadian Companies Abroad
The international economy has checks and balances to attempt to make it a fair playing field or at least ensure they aren’t at a disadvantage. Canada implemented the Canadian Corruption of Foreign Public Officials Act in 1998 to limit corruption in foreign markets. This act prevents Canadians and Canadian businesses from bribing foreign officials.
There are five main elements to this legislation.
1. A person, including an individual, a group of individuals or a business commit this
2. There needs to be an agreement or action to give an advantage either directly or indirectly
3. The bribe’s purposes are to an advantage in business
4. This benefits the foreign official
5. The bribe is in trade for the official to do or not to do something to help the briber
When it comes to judging the legislation, this has pros and cons for our national economy and the global economy.
Benefits To The Canadian Corruption of Foreign Public Officials Act
Ensures there isn’t an unfair advantage for Canadian businesses that can afford the bribes
· Allows governments to remain efficient and transparent
