Ukraine said it planned to confiscate $290 million of assets believed to be stolen through corruption in 2016. So far they’ve recovered and returned to state budget just $5,683. While that’s a tiny improvement from $3,813 recovered last year, it shows the struggling country has a long way to go before it can successfully recover […]
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Anti-corruption and happiness go hand in hand
There is a clear link between the level of corruption in a country and people’s attitude to corruption. If you shrug your shoulders and accept there’s little to be done, corruption remains high and you are unhappy. If corruption makes you angry and you do something constructive about it, like pass laws and prosecute the […]
Does Ukraine merit a new handout?
Yesterday the International Monetary Fund approved a further bailout of more than US$1 billion for Ukraine, a country trying to deal with an aggressive eastern neighbour and a ruling elite compromised by corruption. If the decision to resume payments was based on the normal loan conditions, the outcome would have been an obvious no. Ukrainian […]
Five ways to make measurable progress in returning stolen assets in the MENA region
Representatives of Transparency International from seven chapters and partner organisations from the Middle East and North Africa (MENA) region and the Secretariat have been invited by the Tunisian government to take part in the fourth Arab Forum on Asset Recovery (AFAR4) taking place in Hammamet, Tunisia this week. This is an important opportunity for us to […]
Asset recovery: where are we now?
One of the big topics at this week’s Conference of State Parties to the United Nations Convention against Corruption (UNCAC) is asset recovery. Delegates will discuss what more needs to be done – and there is a great deal — to speed up the return of stolen assets to their rightful owners and where UNCAC fits […]
Fighting corruption in Greece must be a priority
Greece now has a new government, its fourth in six years. One of the returning Prime Minister Alexis Tsipras’ priorities remains constant: to fight of corruption. Previous incarnations of this government had appointed a minister to strengthen this fight. This was definitely a good move but it did not deliver. The previous minister of state […]
Illicit Financial Flows from Africa: a complex political problem
Last month African heads of state meeting in Addis Ababa received and endorsed the report of the High Level Panel on Illicit Financial Flows from Africa, which outlined where corrupt money comes from, where it goes and what needs to be done to stop it so that citizens can enjoy the wealth their countries produce. […]
Middle East and North Africa: a region in turmoil
Three out of the bottom 10 countries on Transparency International’s 2014 Corruption Perceptions Index are from the Middle East and North Africa. Two of these three are in the midst of gruesome civil wars where lives are being lost daily. Iraq and Libya tell a story of a region in turmoil plagued with geopolitical insecurity, […]
Corruption and banking: forex heralds an important change in rhetoric
This week’s announcement about the rigging of the foreign exchange markets marks one significant change: at last, the media and the Chancellor are using the word corruption to describe this behaviour. Today we take tough action to clean up corruption.” – UK’s Chancellor of the Exchequer George Osborne Since the financial crisis started in 2008, banks have been fined […]
G20 needs to boost banking supervision
Five major banks pay fines for currency manipulation On the eve of the Group of 20 Summit in Brisbane, Australia, a group of the world’s biggest banks have agreed to pay US$4.2 billion in fines to UK, US and Swiss authorities to settle charges that they fixed international currency markets over many years. This agreement […]
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