BRIBERY and other forms of dodgy dealing do not seem as big a problem in Singapore companies as elsewhere, according to a survey out yesterday.
Just one in 10 firms polled in the Republic has experienced an incidence of bribery or corruption in the past two years - well under the global average of almost four out of 10.
Singapore companies were more likely to see the laws and regulations against graft strongly enforced compared with other companies around the world.
Local companies also responded positively in other corruption-related areas. These include having procedures to deal with corrupt government officials and considering problems like bribery and corruption before making an acquisition.
Professional services firm Ernst & Young compiled the fraud survey - its 10th - by interviewing 1,200 senior executives in large companies across 33 countries from last November to February.
Its sample included 27 local firms.
Singapore companies, said Ernst & Young Singapore partner Rajagopalan Seshadri, 'operate in a relatively corruption-free business environment and appear to be well-positioned to combat bribery and corruption'.
But he urged companies to remain vigilant and 'establish a robust anti-corruption compliance programme to ensure preventive measures are in place' to combat graft.
This article was first published in The Straits Times on May 22, 2008
