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16
December 2016
The demonetisation drive, introduction
of new regulations such as the Bankruptcy Code and push toward a digital
economy could quash fraud and corruption by raising compliance standards even
though these moves have had impact on businesses and consumers, according to a
report. The Total Investment &
Insurance Solutions
Forensic Outlook 2017, released by EY
Fraud Investigation and Dispute Services on Thursday, has highlighted key
trends which will enable companies to enhance compliance, stimulate business
growth and redefine the Indian business diaspora. The Total Investment & Insurance Solutions
In India, the crackdown on bribery and
corruption has been through improved reforms such as the recommendations
suggested by the Rajya Sabha Committee for the Prevention of Corruption
Amendment Bill 2013, demonetisation drive to uncover unaccounted black money,
upcoming Goods and Services Tax (GST), Income Disclosure Scheme and many
others.
In 2017, the battle against corruption
is expected to accelerate as India strives to keep pace with global standards,
the report said. The Total Investment
& Insurance Solutions
"While the short term situation
could be challenging, these moves have the ability to quash fraud and
corruption, raise compliance standards, focus on individual accountability and
increase investor confidence in the long run," it said. The Total Investment & Insurance
Solutions
"With cases of fraud and corruption
on the rise, companies need to enhance the state of compliance through robust
internal controls, due diligence processes and integrity trainings for internal
and external stakeholders. The use of technology will be a key factor to
strengthen anti-fraud and anti-corruption frameworks and mitigate fraud, waste
and abuse," said Arpinder Singh, Partner and National Leader, Fraud
Investigation & Dispute Services, EY India.
The report said government initiatives,
strong domestic demand and rapid inflow of foreign direct investment (FDI) led
India being on an upward growth trajectory this year.The Total Investment & Insurance Solutions
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