Trillion dollar menace

December 8, 2023 4:52 pm

Estimates show that corruption costs developing countries a staggering US$1.62 trillion a year.

The Fiji Independent Commission Against Corruption highlighted this at the International Anti-Corruption Day, stating that the cost of corruption worldwide is substantial.

FICAC Investigation Manager, Kuliniasi Saumi also stated that corruption has a detrimental impact on the economy, society, and environment.

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The cost of corruption worldwide has reached a startling $2.81 trillion annually, and the investigation manager believes if this worrying trend continues unchecked, it could undermine global efforts to reduce poverty.

“Accumulated, these amount to more than US $10 trillion, estimated by the World Economic Forum, required to end poverty by 2030.”

Saumi says that the funds lost to corruption could be a crucial resource in achieving this ambitious goal.

“Resources lost through corruption could otherwise be used to ensure that everyone has equal access to basic services like education, health, clean water, and sanitation.”

Acting Deputy Auditor General, Finau Naqera, extends the support of the office of the Auditor General towards the fight against corruption.

The World Bank Brief on Anti-Corruption reveals that companies and individuals spend an estimated $3.34 trillion in bribes a year, further stressing the detrimental impact of corruption on the health and development of the global economy.