There is a wealth of literature on the definition of corruption, its effects and
preventative measures. Academics, non-government organisations, law and policy makers have grappled with what constitutes a phenomenon, which, despite being secretive, can still have a huge impact on societies, or that is such a common practice that to progress in life there is no alternative but to take part. However, there has never been a study that has utilised the opinions of the Anti-Bribery & Corruption function within the financial services sector and collectively analysed these against two other forms of data collection. The project has gathered opinions across three Strands. These included the interviewing of 10 Anti-Bribery & Corruption specialists in the UK, the issuance of an anonymous survey which received 173 responses and three focus groups held with financial services professionals in Hong Kong with eight attendees, India with eight attendees and Mexico with 10 attendees.
This thesis presents a collective view on the challenges of defining corruption and the differences in legislation, along with an analysis as to which preventative
measures are the most effective at reducing corruption. It is clear that even from a small-scale study corruption does not distinguish between western or non-western countries, although the visibility of it in everyday life may differ. Findings are given and recommendations are made to produce a global definition, supported by guidance notes; to increase academic research on corruption within developing countries; and to raise awareness of the limitations of Transparency International’s Corruption Perceptions Index and the consequences if misused. Additional recommendations are made that, if combined, may help to reduce the impact of corruption.