EY’s 14th Global Fraud Survey 2016: Corporate misconduct – individual consequences – from research conducted by Ipsos MORI – finds a worldwide clamour for enhanced transparency at a time of increased geopolitical tensions and heightened volatility in financial markets. The escalating threats of cybercrime, terrorist financing and, more recently, the revelations regarding widespread possible misuse of offshore jurisdictions, have increased pressure on governments to act and companies to identify and mitigate fraud, bribery and corruption issues.
Conducted between October 2015 and January 2016, the survey of nearly 3,000 senior business leaders from 62 countries and territories highlights overwhelming corporate support for enhanced beneficial ownership transparency, with 91% of executives recognising the importance of establishing the ultimate beneficial ownership of entities with which they do business.
Increased transparency is, however, only one facet of the solution to a problem that shows no sign of abating. In total, 39% of respondents believe that bribery and corrupt practices happen widely in their country, little changed from 38% in 2014 and 38% in 2012. In a question introduced in this year’s survey, 32% of respondents report that they have had personal concerns about bribery and corruption in their workplace.