Anti-bribery law needed!

Its sometimes good to know that there could be some light at the end of the dark tunnel of the ‘bribe’ tunnel. Not just us but the entire world seems to be grappling with this and the as usual, USA seems to be showing the way to the world! The trick here is – if the Govt is assured of earning big moolah through any drive, like our taxation for revenue, then we can be assured of some level of successful implementation.

It seems USA has stepped-up enforcement of a 1977 law has in recent years which has led to more prosecutions and tens of billions of dollars in fines. And taking valuable lessons from these, U.K., China, Brazil and Canada have also introduced their own versions of the same. US has made it illegal to offer money or a gift to foreign-government officials or employees to gain a business advantage. And when it comes to M&A, it’s a legal offence for companies to take or receive bribes anywhere in the world that they do business in. And it seems many financial institutions across the world are worried as they feel these enforcement laws are what will become the next big thing as a revenue generator.

Its always the right thing to do – learn from those who are already on the path and getting to their destination too. India could do itself and her citizens well if we too took to these laws. Actually, we might even pass the law but then bribes could actually go up – this new law could become another source of revenue generation for the officials!