The Shipping Industry and Corruption

May 18, 2015 4:10 PM ET

All industries have a level of corruption or bribery associated with it and just like any industry; some are affected more than others. As more companies grow and increase their involvement in more markets, their potential for exposure increases as they begin to work with other business partners and suppliers in order to meet demand and increase their revenue. What is interesting is how different industries begin to tap into and share the risk of corruption and bribery. As business grows for one industry, so does the business for the next. The shipping industry is connected to all industries in some way or form, and as companies begin to grow and expand into other markets globally, shipping becomes an integral part the day to day operations.   

If shipping taps into so many different industries and exposes itself to different levels of possible corruption and bribery, does this mean it is the most corrupt industry? According to Alexandra Wrage, of Trace International, shipping is among one of the most corrupt industries.

“Global shipping has been announced as the most corrupt industry in comparison to any other after it was discovered that it had experienced the most cases of corruption.”

Alexandra continues on about the shipping industry and how it is far behind the anti-corruption compliance culture.

“This industry traditionally very opaque, and has only made a slow shift to greater transparency. Fraud, bribery, and other illegalities are endemic to some parts of the industry, and the world.”

The leading threat to any industry is corruption and shipping can be another exposure point for any company trying to increase their efforts within ant-corruption compliance.

Although the increase in corruption compliance is noticeable amongst other industries, there is still work to be done. To learn more about the guidelines you can adopt for creating or improving your anti-corruption plan, click here