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Business in Cyprus. What about fraud and corruption?

Business in Cyprus. What about fraud and corruption?

23 May 2018
Tags: Cyprus, Polls, Business, EU, Fraud, Corruption, Statistics

In Cyprus, 80% of executives believe that corruption and bribery are very common phenomena here. In total, 4% of Cypriot respondents said they faced fraud, despite the fact that the world average is 11%.

Almost two thirds (64%) of the respondents believe that the leadership is responsible for ensuring a decent attitude of employees to work. Such results were shown by EY's research on fraud (15th EY Global Fraud Survey), which was attended by 2 550 executives from 55 countries, including 25 managers from Cyprus.

Despite the fact that relatively few Cypriot companies (4%) have been victims of fraud during the last two years, levels of corruption and bribery remain quite high.

Throughout the world, 38% of managers are of the opinion that corruption and bribery are widespread practices of doing business. In Cyprus, those are 80%, which leads the country to the sixth place in the world after Brazil, Colombia, Nigeria, Kenya and Peru.

At the same time 52% of respondents in Cyprus noted that bribery is a common practice for obtaining work contracts. This is the highest value among 55 countries participating in the survey, where this indicator on average does not exceed 11%. Another 44% of respondents believe that it is quite appropriate to give a bribe if this helps the business development.

At the same time, 96% of respondents consider it extremely important that their organization is known for its honesty and decency. 64% are convinced that the leadership is responsible for the impeccable work of the employees, and no one considers this as an individual task.

The results of the survey also indicate a certain discrepancy in the intentions and real behavior of organizations with respect to unscrupulous methods of work. Thus, 80% of respondents believe that their companies clearly stipulate punishment for violations of certain operating rules, but only 44% are aware of cases when employees were brought to responsibility for their illegal actions.

Another topic of the study was the introduction of the General Regulation on Data Protection of the EU, which enters into force 25 May 2018 year. More than half - 56% - of Cypriot respondents stated that they are aware of the provisions of the regulations sufficiently or very well. It should be noted that in other countries the average is 40%, and in Western Europe - 65%.

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