Anti-corruption high on global banks' agenda

Author: Brian Yap | Published: 14 Mar 2017

India remains a high risk area for corruption, and banks are asking companies operating there to exercise increased levels of caution when doing business, warned panellists at IFLR Asia M&A Forum 2017.

According to Transparency International’s Corruption Perceptions Index 2016, India ranks only 70th out of 176 countries surveyed in terms of perceived level of corruption. This state of affairs is reflected in five high-profile enforcement actions carried out by the US Securities and Exchange Commission (SEC) against clients with a US presence or connection, which were found to have used bribery to obtain business contracts in India since 2011.    

p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 11.0px Helvetica} span.s1 {font-kerning: none} Vanina de Verneuil, general counsel at Reliance Communications in Hong Kong, pointed to major banks requiring their US-listed clients operating in India and other emerging markets to comply with high anti-corruption standards....