A section of the audience at the event
The Pearl Initiative and KPMG brought together more than a 100 business leaders in Qatar recently to debate ‘good practices in anti-bribery and corruption.’
The roundtable had participation from senior finance, accounting, audit, compliance, legal and governance professionals, from private and public companies and government institutions in Qatar.
It was pointed out that corruption stifles entrepreneurship, dampens innovation and prevents companies from competing on the basis of being good at what they do. At a macro level, the financial loss to the overall economy as a result of corruption is enormous.
As much as $1tn is paid in bribes annually, according to some estimates. Financial losses resulting from corruption in developing countries alone are between $40bn and $60bn annually, which increase the cost of doing business globally by over 10%.  Datuk I G Chandran, adviser to the chief commissioner, Malaysian Anti-Corruption Commission, illustrated good practices in deterrence, prevention and education in the areas of anti-bribery and corruption.
“The fundamental factors for success in fighting corruption in the region are political will of leaders, action and commitment of economic resources and human capital, appropriate legislative framework, strong preventive measures and strategic partnership with public support,” he said.
Nick Cameron, head of investigations and anti-bribery and corruption, Forensic Services KPMG in the UAE, outlined the exposure that even companies in this region may need to comply with the US Foreign Corrupt Practices Act and UK Bribery Act.
He described how companies must have adequate procedures in place to carry out risk assessments, develop codes and policies, communicate, educate and train staff, implement a whistleblowing mechanism, record and track improvements, and remediate issues when they arise.
Imelda Dunlop, executive director of the Pearl Initiative, moderated the discussion.
As a GCC-based ‘by-business, for-business’ entity, the Pearl Initiative will hold further forums across the region to raise awareness of the business case for action against corruption.
It will also support a regional network through which organisations can gain knowledge, benefit from mutual support and share experiences.