Until recently, the primary risk that China’s culture of business corruption posed to multinationals was that they might run afoul of the FCPA or the UK Bribery Act.
Bribery refers to offering money or property to a state functionary with the intent to acquire illegal enrichment.
In the three months since the Communist Party of China convened its 18th National Congress in November 2012, the CPC’s new leaders repeatedly have emphasized the important policy goal of combatting corruption.
Anti-corruption enforcement efforts in China historically have tended to focus on the recipients of bribery
Circular requires registration system for people in possession of insider information in listed companies in China.
Although China has long prohibited commercial bribery, as well as the bribery of Chinese state functionaries, a recent amendment to "the PRC Criminal Code" prohibiting bribes to foreign governmental officials and officials of international public organizations in exchange for illegitimate commercial benefits suggests that China’s enforcement initiatives soon may expand outside the country’s bounds to target misconduct perpetrated abroad.
China has joined a growing number of countries that are implementing new criminal laws to prohibit payment of bribes to foreign officials.
The People's Republic of China has joined the growing number of nations to criminalize bribery of foreign officials through recent amendments to its Criminal Law, which took effect May 1, 2011.
On May 1, 2011, an amendment to China's Criminal Law took effect after passage by the Standing Committee of China's National People's Congress on February 25, 2011.
The Eight Amendment of the PRC Criminal Law (the "Amendment"), recently adopted by the Standing Committee of the National People's Congress of the People's Republic of China, adds a paragraph to article 164 that prohibits giving money or property to an official of a foreign government or international public organisation with the purpose to obtain unjustified commercial benefits.
On December 23, 2012, a three member Committee with Justice Leila Seth, former judge of the High Court, Gopal Subramanium, former Solicitor General of India and headed by Justice J.S. Verma, former Chief Justice of the Supreme Court was constituted to recommend amendments to the criminal law to improve the justice delivery system in cases of sexual assault against women.
Huge crowd itself explains public anger in pictures published in Media and telecasts on news channels.