Sydney — Recently proposed anti-bribery law reforms in Australia risk discouraging overseas investments by firms, some of the nation’s top companies say. Last month, Australia’s national government proposed tougher rules that would widen the definition of bribery and create some new offences with lower burdens of proof. It sought feedback on the reforms from companies. In submissions to the government, oil and gas major Woodside Petroleum, and explosives maker Orica, said much stricter anti-bribery laws may dissuade overseas deals. Woodside said a proposal to introduce a lesser offence of "reckless" bribery, where prosecutors would not be required to prove a payment influenced a public official, might stop Australian companies from investing in some foreign countries altogether, for fear of violating the law. "Such companies may feel compelled to decline legitimate investment opportunities out of concern that if a foreign public official was indirectly and unintentionally to receive...
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