Under the terms of the new legislation, any Swiss organisation found guilty of the aforementioned activities will face a fine of up to SFr5 million ($3.7 million).

Speaking to the Swissinfo news service, Devid Syz, head of the State Secretariat for Economic Affairs (SECO) explained that:

"We need to have strict rules and deter businesses [from overstepping] those rules. The [new law] will also make it easier to prosecute those who passively accept corruption. No board member can say 'I didn't know what was going on in my company.' It's their responsibility to monitor the goings-on."

Mr Syz also stressed the need for developing countries, and Swiss businesses located in them to understand the need for corporate transparency.

"We have to convince other countries that it is in their interest to have more transparency. Developing countries must open their markets and make them more transparent - it's a win-win situation."

Transparency International (TI), a global anti-corruption body which ranked Switzerland 12th out of 102 countries polled in its public sector corruption survey last year, has suggested that the country needs to take a proactive stance in ratifying international anti-corruption treaties, such as the Council of Europe's anti-corruption convention.