New data has revealed that small businesses have an insufficient understanding of UK laws on bribery and corruption, despite the fact that they are as much at risk as larger firms.
A recent survey by the Association of Chartered Certified Accountants (ACCA) reveals that 73 per cent of small businesses admitted that the potential for bribery and corruption existed in all commercial dealings, yet 62 per cent said they did not have adequate access to guidance on the issue.
The survey, entitled Bribery and corruption: the impact on UK SMEs, also found that 64 per cent of respondents cited pressures in the supply chain as being a reason for bribery and corruption, while 63 per cent said cross border negotiations were to blame.
John Davies, ACCA head of business law, said: "Bribery and corruption are ills which are usually associated with business dealings involving large companies and public bodies and with particular sectors of the economy.
"But clearly, the competitive pressures which can generate bribery and corruption exist at the SME level too. It must not be forgotten that SMEs make up the great majority of all UK businesses."
