The term "petty corruption" is used for the corruption which are done on the small scale or the corruption which is done on the low-level. The corruption amount seems to be little if we compare it to the overall business transactions. Petty corruption has reeked up the overall business performance and thus the whole corporate world is getting affected because of it. The petty corruption includes inside the use of Grease money, this includes the extortion money (the money which is paid to the police or any other person to avoid the penalties and fines) and the bribes, for example: paying the customs officials to clear the goods or other thing which is considered to be banned in that particular region.
This petty corruption impacts the poor the most and also the firms but in small scale. Some firms are making handsome money because of this petty corruption but that is something which is known to be a fraud. It’s not similar to the grand corruption where the company suffers the most and which also causes them to shut down their operations.
According to the Transparency Internationals in the 2011 survey, the petty corruption has been amounted to be £ 554 million globally. The petty corruption is at increasing rate which means its increasing day by day. This corruption impacts Greece the most that had to cost in millions for this small bribe. However Greece is having the financial crisis in their region, but the petty corruption rate is at an increasing rate.
Some financial experts have suggested a method to control this economic evil, they have suggested the companies to make incremental in their employ. In this way they will be less corruptible. This way is somehow applicable but not entirely company can depend on it. Some strict policies should be there to control the employee operations.