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(USGovernment-News.Com, December 14, 2012 ) There are several countries that come to mind when one thinks of widespread corruption, China happens to be one of them, but that may not be for long if President Xi Jinping has anything to do with it. Jinping has vowed to fight corruption starting with government officials that use their positions to gain wealth by accepting bribes from those who want to do business in China. Many economists in China believe that the only true way to combat corruption by government officials is to publicly disclose all their assets. This anti-corruption trend may mean a completely new way of doing business in China for many American companies.
For many companies looking to expand overseas to countries such as China, bribing local government officials is seen as part of doing business. Corrupt officials will accept bribes and in return will sign off on permits and contracts to speed up operations or gain an advantage in China’s growing retail market. These corrupt practices hurt China, but they also hurt corporations that conduct business there. A way to protect yourself from allegations of corruption is to make sure you know who you are doing business with. Hiring a team of experts in business intelligence is the first step. Your business intelligence team will conduct investigations on business partners, employees and companies so that you know exactly who you are dealing with before signing binding contracts.
In order to stay above board, be certain you have done your due diligence and are FCPA (Foreign Corrupt Practices Act) compliant. Make sure that your staff working in China or other foreign nations is educated on the Foreign Corrupt Practices Act, so that they are able to navigate the anti-corruption laws and regulations. You may want to employ a team of legal experts who can provide consulting on FCPA and anti-corruption compliance policies. No matter where you may find yourself doing business, it is extremely important that you retain the services of a litigation support team should you find yourself facing prosecution.
“Even though the tide may be turning in China, we still caution companies doing business there to do business ethically and follow anti-corruption policies. It is always good practice to obtain expert advice when expanding or already doing business overseas,” says a Digitalolympus.com spokesperson.
Change does not happen overnight; rather it is a slow and steady process. In recent weeks, over ten Chinese officials have been removed from office due to corrupt practices. As more and more citizens use social media to expose corruption, you can expect more changes to come.
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