Displaying items by tag: foreign bribery

This week, a US judge ordered Swiss mining and commodity giant Glencore to pay US$700 million in a long-running corruption probe. Last year, Glencore pleaded guilty to channelling at least US$100 million in bribes to public officials globally - from Brazil to the DRC, and Nigeria to Venezuela. Glencore negotiated with Brazil, the UK and America to pay up to US$1.1 billion. This week’s sentence confirms the US portion of the coordinated settlement. But it doesn’t address the full scope. There are more populations and individuals who suffered harm from Glencore’s scheme. Pray for a more comprehensive effort to identify and adequately compensate all those affected, particularly the most vulnerable. Meanwhile Indonesia wants guarantees from the UK that they will receive a portion of any future financial settlement resulting from a corruption inquiry into an aircraft manufacturer after Jakarta was excluded from an agreement made with Airbus, even though Indonesia assisted with the investigation.

China, Mexico and Russia are just some of the countries represented at this year’s G20 summit which are failing to enforce their laws and promises against corruption, and in particular foreign bribery. International bribery is one of the many ways in which corruption heavily impacts sustainable development and economic growth. It hinders fair access to markets as well as progress on today’s most pressing issues like education, healthcare, gender equality and the climate crisis. To make economic development work for all, anti-corruption should be mainstreamed into every decision and policy. G20 governments must enable clean contracting provisions, publish open registers of beneficial owners of companies, and create strong whistle-blower protection. G20 leaders must focus on implementing their commitments and not feel tempted just to keep making more promises.