The International Monetary Fund (IMF) has estimated that the annual cost of bribery is between $1.5 and $2 trillion.
The Managing Director of the IMF, Christine Lagarde, made the claim at a presentation called “Addressing Corruption with Clarity’’ in Washington DC.
She insisted that tackling corruption required ways of measuring its impact accurately. According to her, the case of the “Panama Papers,” illustrated how corruption can quietly spread across borders.
Lagarde also blamed corruption for stunting the development of nations and harming the “vitality’’ of business.
While her strong words paint a stark picture of the widespread nature of bribery, it is really up to companies and individuals to look at their own business activities to examine to examine the risk of them being involved in corruption.
There is a worldwide political will to tackle bribery. But those in business have to be seen to be doing what they can to prevent it – including taking expert advice. If they do not and are then found to be involved in it, the penalties can be crippling.
Read our article: THE HUGE COSTS OF BRIBERY