KUALA LUMPUR (June 23): Consulting firm PwC said 30% of respondents in its 2016 survey of Malaysian companies indicated they had experienced bribery and corruption.

At 30%, Malaysia occupies the second spot after China (46%), according to the survey.

PwC Consulting Associates (M) Sdn Bhd said respondents in Malaysia represented 17 industries, which included financial services, and manufacturing companies, besides government enterprises. A third of those respondents are publicly-listed entities.

"As the pace of technological advancements and globalisation increases, so does the complexity of these economic crime risks driven by cyber threats and regulatory pressures. However, too few companies are adapting their risk assessments and control frameworks fast enough,"  PwC Consulting Associates (M) Sdn Bhd senior executive director Alex Tan said.

Tan was speaking at a press conference here today, in conjunction with the launch of the Malaysia report from PwC's Global Economic Crime Survey 2016.