UK bribery law expected to boost Thai business

The Bribery Act 2010, which comes into force on July 1, prohibits UK firms from offering bribes to foreign public officials.
"Such laws imposed by developed countries will help developing countries like Thailand to get rid of corruption problems," Banyong Pongpanich, chairman of Phatra Capital, said at the "How new foreign bribery law affects companies in Thailand" seminar, hosted by the Thai Institute of Directors (IOD).
Banyong said he believed that widespread corruption in Thailand was a fundamental cause of political violence and the widening income gap between the rich and the poor.
However, while the United States, the UK and Germany have anti-corruption laws prohibiting their firms from offering bribes to foreign politicians and officials, other major countries have not yet made similar moves, he said.