An estimated $2 trillion in bribes is paid annually
in both developing and developed countries.
INTERNATIONAL MONETARY FUND
Often tolerated in many countries as a “necessary part of getting business done or circumventing bureaucratic red tape,” systematic bribery vastly affects economic growth, undermines trust and discourages investment. Further, studies show that worldwide bribery and corruption directly contributes to global poverty, social inequality and a decrease in development of public infrastructure.
According to Transparency International, which investigates business corruption across the globe, bribery and corruption were among the key components that led to the recent global economic crisis. From lapses in corporate due diligence and devolving government and corporate integrity, to poor transparency, lack of accountability and inadequate corporate integrity systems, business corruption has become both rampant and commonplace on a global level.
Such corporate corruption — and it’s subsequent effects on development around the world — has furthered the public’s demand for organizations to behave responsibly. But bribery and corruption are often moving targets and very difficult to identify, isolate and remedy.
That’s where ABAC Centre of Excellence can help.