Displaying items by tag: relief fund

Thursday, 22 October 2020 22:09

Global: Covid relief funds corruption

Nearly half of world exports come from countries that fail to punish foreign bribery. That’s half of G20 countries and eight of the top 15 global exporters. Since 2018, fewer countries have been actively working against foreign bribery. One obstacle to enforcement is shell companies which cover up payments, making it difficult for authorities to trace the origin and destination of money. But even when countries actively enforce against foreign bribery, victims’ compensation is rare and most proceeds of corruption are never returned to countries or citizens. Citizens of countries where multinationals bribe public officials pay higher prices than they otherwise would for possibly lower-quality goods and services. Public money wasted on unnecessary contracts and deals deprives people of essential services like education and healthcare. The EU’s seven-year budget for Covid-19 recovery funds are at risk of abuse unless open, data-driven mechanisms to protect public contracts are put in place.

Published in Worldwide