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What effect does bribery and corruption have on business transactions?

Bribery and corruption can have a very detrimental effect on an economy and the World Bank has estimated that 0.5% of GDP is lost through corruption each year.  Engaging in corrupt practices also creates a very unfavourable business environment by encouraging unfair advantage and anti-competitive practices.  As well as allowing organised crime to flourish, corruption is one of the primary obstacles to the economic development of a country; it undermines the rule of law, weakens trust in public institutions and challenges democratic principles.

What should I do if I am suspicious of corrupt practices?
What is Bribery and Corruption?
What other actions are in place to tackle bribery and corruption?
What is the legal position in Ireland?
What should companies do to minimise the risk of corruption?
What are Ireland’s international obligations in the fight against corruption?
What effect does bribery and corruption have on business transactions?
 

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