UAE companies are ranked fifth most-likely to attempt bribery while doing business overseas, according to a new study from Transparency International.
The group, based in Berlin, polled 3,016 senior business executives in 30 countries on their perceptions of corruption among companies of different national origin.
The study ranked 28 countries, finding companies from Russia the most likely to attempt bribery, followed by China, Mexico and Indonesia.
Companies from the Netherlands, Switzerland and Belgium were perceived as cleanest.
"It is clear that bribery remains a routine business practice for too many companies and runs throughout their business dealings, not just those with public officials," said Huguette Labelle, the chairman of Transparency International.
"And companies that fail to prevent bribery in their supply chains run the risk of being prosecuted for the actions of employees and business partners."
Bribery was viewed as possible among all businesses, but perceived as most likely to occur in the construction industry and in government-funded public works.
Middle Eastern countries fared poorly in the eyes of international businessmen. Companies from Saudi Arabia, the only other country from the region mentioned in the report, were viewed as the seventh most-likely to bribe to win business.
Last week, scandal engulfed Aluminium Bahrain, a smelting company, following an investigation by the UK Serious Fraud Office that led to the arrest of a British businessman on corruption charges.
Transparency International pressed government representatives from the Group of 20 (G20) leading and emerging economies meeting in Cannes today to tackle foreign bribery as a matter of urgency.
"New legislation in G20 countries is an opportunity to provide a fairer, more open global economy that creates the conditions for sustainable recovery and the stability of future growth," Ms Labelle said.
"Governments can press home the advances made by putting resources behind investigations and prosecutions of foreign bribery, so that there is a very real deterrent to unethical and illegal behaviour."
Some countries have taken measures to strengthen anti-bribery legislation in the last few years. The UK's Bribery Act, which came into effect on 1 July, allows companies from outside the UK to be held liable for a failure to prevent bribery if they do business there.
The UAE's penal code criminalise bribery to holders of public office. But the Emirates lacks a specific law covering all aspects of bribery, said an official at the Abu Dhabi Department of Economic Development.
The penal code criminalises both giving and receiving bribes with sentences of between five and 10 years.
The UAE Government has recently moved to enforce higher standards of corporate governance on organisations and companies owned by the federal Government.
A resolution issued last week obliges the boards of all federally-owned institutions to form an Audit Committee to monitor their financial statements and subject their organisations to more rigorous internal monitoring.
ghunter@thenational.ae
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
The%20Roundup
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties