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BRIBERY and corruption is the fastest- growing economic crime to hit UK firms, a survey suggests.

One in ten firms says that it has lost a business deal because a competitor had paid a bribe, according to the pricewaterhouse Coopers study.

And 28% felt they had been victim of bribery or corruption. The biannual Global Economic Crime Survey also said that the cost of economic crime is on average £1.75m - double that of two years ago.

Asset misappropriation, accounting fraud are the biggest problems.

The rapid growth of corruption and bribery "underlines the increasingly globalised business world in which we operate," said Tony Parton , a partner in PwC's forensic services department.

"The failure to put in place adequate anti-bribery controls exposes companies to significant legal and regulatory risks.

"Companies are welladvised, particularly those who do business in high-risk countries or sectors - to look at how effectively they are managing corruption risk and to take robust remedial action where gaps are identified."

Many companies were in denial about the problem of economic crimes, the report said, with 17% of the firms surveyed saying they expected to be hit but only 48% actually being affected.

"The fight against fraud is a constant struggle," said Andrew Gordon, also of PwC's forensic services department.

"As with all crimes and unwanted business risks, consistent and effective prevention is better than after-the event reactions."

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