Corporate Bribery

/media/1693/skyscraper-web.jpg

A Shorten Labor Government will overhaul Australia’s response to corporate bribery.

The World Bank estimates that $1.5 trillion in bribes are paid each year by businesses and individuals.

This represents about two percent of global GDP – and 10 times the value of overseas development assistance.

Australia’s anti-corporate bribery regime is ineffective, unworkable and contradictory. Despite regular media reports of criminal conduct, just two foreign bribery prosecutions have resulted in convictions under Australian law. 

 

LABOR’S PLAN

Labor believes that companies doing the wrong thing must be caught and brought to justice. A Shorten Labor Government will:

  1. Remove the facilitation payment defence, which currently allows companies to make small, tax-deductible bribes;
  2. Introduce a debarment regime to ban companies engaged in bribery from Federal Government contracts;
  3. Demand any Deferred Prosecution Agreement regime is tough on companies breaking the law; and
  4. Establish a national anti-bribery regime to ensure our federal law outlaws public and private bribery. 

We will pay for it by making multinationals pay their fair share and closing tax loopholes used by the top end of town.