Act of utilising, either directly or indirectly, one’s access to a position of power or knowledge to demand unmerited cooperation or compensation as a result of coercive threats.
Why it matters
Responsible business leaders know that bribe payments cannot be turned on and off. Once a company bribes it can no longer maintain the position that it does not pay bribes and sets itself up for continuing extortion. There should be independent reporting channels to allow companies that have been victims of extortion to report the crime.
Additional Information: Extortion
- Transparency International, Exporting corruption: assessing enforcement of the OECD Convention on combating bribery interactive site