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
· Protecting vulnerable groups such as locals, minorities, women, and children.
· Lessening Rigged political and economic systems
· Dissuading organized crime and terrorism
· Increasing the risk of human rights violations
· Aiding in the public trust of both business and governmental officials
· Helps in making fair international competition
Downfalls of the Canadian Corruption Of Foreign Public Officials Act
· Limiting economic growth of Canadian businesses, potentially
· Perpetuating the frustrations of inefficient foreign avenues
· Limiting free trade among individuals and businesses
· Separating the government from the economy