Economic Division, Ministry of Foreign Affairs and Trade
Tel: +64 4 439 8617
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Being aware of risks and having strategies to manage them is a basic part of doing business in any market. One area of potential market risk that does not receive much attention is bribery and corruption. Although there once may have been some truth to the perception that bribery in certain countries is rife and an inescapable cost of doing business, that picture is changing.
Many emerging economies recognise corruption is a barrier to trade and the development of their economy and are taking steps to deal with the issue. These countries are not only enacting anti-bribery laws with severe penalties but are enforcing them. Like many of our key trading partners, New Zealand has strong measures to deal with bribery and corruption offences, whether they occur in New Zealand or overseas.
If you’re planning entry into a new market, or reviewing your operating strategy in an existing market, there are a number of practical things you can do to reduce exposure to and impacts of corruption:
The United Kingdom anti-bribery legislation, effective in the United Kingdom from April 2011, has significant implications for New Zealand business operating overseas. It could expose companies and individuals to liability under United Kingdom law, even if they are not doing business there. See more on this legislation and what it means for New Zealand business [external link].
Contact Aphra.Green@justice.govt.nz or visit the following useful websites: