Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Businesses Unaware of Growing Bribery, Corruption Threat

Media Release

Media release – embargoed until 6.00am Monday 18th March 2013

NZ Businesses Unaware of Growing Bribery And Corruption Threat

New Zealand businesses are too complacent about the growing risk of bribery and corruption, according to KPMG’s Fraud Bribery and Corruption Survey released today.

One organisation surveyed suffered a $1.5m loss resulting from ‘inappropriate selection of third party distributors.’

Although the 140 survey respondents reported relatively few incidents of bribery and corruption, the level of complacency around the risks gives most cause for concern. More than 38% of survey respondents did not have clear anti-bribery and corruption policies and procedures in place.

Stephen Bell, from KPMG’s Forensics team, says new UK anti-bribery law which came into effect in April 2011 has significant implications for New Zealand businesses operating overseas.

“Any New Zealand business with operations or a presence in the UK can potentially be prosecuted under the Act.” Says Bell.

“Legislation in the US also has international reach. Yet in the survey, when asked whether or not they were aware of anti-bribery legislation in countries where their organisations operated, over half of respondents said ‘no’.”

The Ministry of Justice has also urged New Zealand organisations to seek advice on their exposure to the UK anti-bribery legislation.

In other findings of the KPMG Fraud Bribery and Corruption Survey, fraud continues to be a growing problem in New Zealand. The total value lost to fraud is trending upwards, having increased by almost 8% since the 2008 survey.

Respondents believed, on average, that only 50% of all fraud losses are being detected. The current survey showed that ‘personal financial pressure’ was the number one motivating factor among perpetrators of fraud. This replaced ‘ greed/lifestyle’ from the 2008 survey, possibly reflecting the tougher economic environment.

Ends.

PDF of the full report attached
FraudBriberyandCorruptionSurvey2012_web.pdf

About the KPMG Fraud Bribery and Corruption Survey
The KPMG Fraud Bribery and Corruption Survey is a biennial research project undertaken by KPMG New Zealand. Over the past 20 years it has developed into one of the most credible and widely quoted surveys of the experience of fraud among New Zealand and Australian organisations. KPMG also compiles a regular Fraud Barometer, published every six months, which analyses the number of large fraud cases before the New Zealand courts.
These and other publications are available at www.kpmg.co.nz (go to Services>Forensics).

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news