India's Anti-Corruption Law Debated In New York Legal Meet

Issues such as anti-corruption laws of other countries such as the UK Bribery Act, the Indian Prevention of Corruption Act, the Chinese Anti-unfair Competition Act, as well as the Organization for Economic Co-operation and Development's Anti-Bribery Convention came up and the panelists discussed how cooperation among prosecutors in countries across the globe has led to better coordinated prosecution of bribery, he added.

The laws are applicable only to corrupt practices of public servants and those indulging in same crime in private sector often tend to escape from anti-corruption legislation due to loopholes in the law as in the case of Sathyam Computers.

The idea is to evolve a consensus on how anti- corruption laws can be invoked on an individual in private sector indulging in financial crime including money-laundering that has a tumbling effect on the national economy and innocent share holders besides the legal system itself, he said.

The U.S. has stringent laws in place for its registered corporate entities indulging in corrupt practices offshore and hands in stringent punishment.

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