August 19th, 2011
Vietnam and the World Bank recently held the first
Viet Nam Anti-Corruption Intiative, or VACI
. The Initiative encouraged the public—whether ordinary citizens, NGOs, or private business—to develop proposals to help combat corruption in their communities. VACI then selected 34 promising ideas, and awarded a total of approximately $450,000 to help fund the implementation of these plans in the coming year. It is hoped that this initiative will be repeated in 2013.
In order for pervasive corruption to be combated effectively, public support for anti-corruption initiatives is essential, and this year has seen people around the world taking a stand against graft in their...
July 28th, 2011
On Wednesday, the SEC announced a $16 million settlement in an FCPA case filed against Diageo, Inc. The company, which dominates the global liquor market, was accused of spending at least $2.7 million on bribes through its Asian subsidiaries, and omitting or mislabeling those funds in SEC filings. These bribes were given to government and military officials in South Korea, India, and Thailand in order to gain a variety of advantages, from tax breaks to more beneficial policies in transfer pricing negotiations. Bribes included trips to Europe, while one Thai bureaucrat received $12,000 a month for helping...
January 20th, 2011
WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” released this week shows that Russia has the second highest measured illicit outflows out of the developing world--US$427 billion from 2000-2008, an average of US$53 billion per year.
January 20th, 2011
New Global Financial Integrity Report Reveals Russia is Losing US$50 Billion Annually in Illicit Outflows
from Russia confirms that corruption is a serious issue that, unless curbed, can prevent the country from emerging as a global economic powerhouse. Corruption in Russia has been a hangover from the Soviet Union days. It is just that the forces of globalization have provided old hands and the up-and-coming younger generation of Russians with unprecedented opportunities to make money under the table. Of course, the exponential increase in Russia’s natural resource exports (such as petroleum products and natural gas) has...