{"id":10112,"date":"2023-02-05T08:00:00","date_gmt":"2023-02-05T00:00:00","guid":{"rendered":"https:\/\/dollarsandsense.sg\/business\/?p=10112"},"modified":"2023-02-05T01:22:29","modified_gmt":"2023-02-04T17:22:29","slug":"businesses-singapores-anti-corruption-regulations-implement-best-practices","status":"publish","type":"post","link":"https:\/\/dollarsandsense.sg\/business\/businesses-singapores-anti-corruption-regulations-implement-best-practices\/","title":{"rendered":"What Businesses Need To Know About Singapore’s Anti-Corruption Regulations And How To Implement Best Practices"},"content":{"rendered":"\n

Singapore was ranked among the top 5 least corrupted countries in the world in 2022, according to anti-corruption body Transparency International’s Corruption Perceptions Index (CPI). As the only Asian country in the top 10 out of a list of 180 countries, it\u2019s an accolade that shouldn\u2019t be taken for granted.<\/p>\n\n\n\n

Since its days of self-government in 1959, Singapore has adopted a zero-tolerance stance towards corruption. As a small city-state with no natural resources, our ability to operate on the meritocracy principle provides us with a competitive advantage in attracting foreign investment. <\/p>\n\n\n\n

Given that 86% of all corruption cases in 2020 were from the private sector, here are some things businesses should take note of regarding the anti-corruption regulations and how to combat corruption.<\/p>\n\n\n\n

What Constitutes As Corruption?<\/strong><\/h3>\n\n\n\n

An act of corruption constitutes receiving, asking for, or giving any forms of gratification, such as any amount of payment, gift, sexual act, or other property, as an inducement or reward to someone in exchange for a favour with a corrupt intent. These favours include unfair business advantages, confidential information, and other special privileges.<\/p>\n\n\n\n

The Four Pillars Of Singapore\u2019s Corruption Control Framework<\/strong><\/h3>\n\n\n\n

Singapore\u2019s acclaimed reputation as one of the least corrupt countries in the world is a result of an effective corruption control framework.<\/p>\n\n\n\n

At its base, the political will of the government since 1959 under then-Prime Minister Lee Kuan Yew to weed out corruption at all levels has continued to be observed and enforced to date. This “zero tolerance” culture has also become part of the way of life in Singapore. <\/p>\n\n\n\n

Next are the four pillars, of which one is Law. There are two key legislations that help fight corruption in Singapore. First is the Prevention of Corruption Act (PCA), which applies to persons who give or receive bribes in both the public and private sectors. Second is the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (CDSA), which is applied to seize ill-gotten gains from corrupt offenders.<\/p>\n\n\n\n

The second pillar is Adjudication. In Singapore, there is an independent judiciary where the Chief Justice is appointed by the President on the advice of the Prime Minister and the Council of Presidential Advisers. They adopt a stance of deterrence by meting out stiff fines and imprisonment towards corrupt offenders.<\/p>\n\n\n\n

The third pillar is Public Administration, which itself is guided by a Code of Conduct that sets out the high standards of behaviour expected of public officers based on the principles of integrity, incorruptibility, and transparency.<\/p>\n\n\n\n

The fourth and final pillar is Enforcement, which is headed solely by the Corrupt Practices Investigation Bureau (CPIB). The agency reports directly to the Prime Minister enabling it to operate independently. It investigates and enforces the tough anti-corruption laws impartially for both the public and private sectors.<\/p>\n\n\n\n

Together, they stem corruption in Singapore and ensure a system that is based on mediocracy and transparency.<\/p>\n\n\n\n

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source: CPIB<\/a><\/figcaption><\/figure><\/div>\n\n\n\n

Punishments And Penalties<\/strong><\/h3>\n\n\n\n

Under the Prevention of Corruption Act (PCA), any person found guilty of corruption shall be liable to a fine not exceeding $100,000 or imprisonment for a term not exceeding 5 years, or both. However, if the matter or transaction is related to a contract or proposal for a contract with the government, the punishment is enhanced to a fine exceeding $100,000 or imprisonment for a term not exceeding 7 years, or both.<\/p>\n\n\n\n

Additionally, it is also the legal duty of any person aware of any public officials engaging in corruption activities to immediately report and give information to police under the Criminal Procedure Code Section 424.<\/p>\n\n\n\n

Read Also: Tax Evasion: What Happens If You Don\u2019t Report Your Taxes Accurately<\/a><\/em><\/strong><\/p>\n\n\n\n

Companies Can Implement PACT, A 4-Step Guide To Preventing Corruption<\/strong><\/h3>\n\n\n\n

Here\u2019s a simple 4-step guide, termed PACT by the CPIB, that businesses can implement to prevent corruption within their organisation.<\/p>\n\n\n\n

#1 Pledge<\/strong><\/h4>\n\n\n\n

As leaders of the organisation, senior management or the owner(s) of the business must take the lead by pledging their commitment to zero-tolerance for corruption. This could set the tone for a work culture that is based on core values like honesty, fairness, and openness.<\/p>\n\n\n\n

Implement Anti-Corruption Policy<\/strong><\/p>\n\n\n\n

Businesses can also implement an anti-corruption policy that prescribes a set of rules and principles for conduct and behaviour to which employees and business partners must adhere. Here are some key features that can go into the anti-corruption policy:<\/p>\n\n\n\n