Public sector corruption siphons $1.5 trillion to $2 trillion annually from the global economy in bribes and costs far more in stunted economic growth, lost tax revenues and sustained poverty, the International Monetary Fund said on Wednesday.
In a new research paper, the IMF said that tackling corruption is critical for the achievement of macroeconomic stability, one of the institution's core mandates.
The Fund argues that strategies to fight corruption require transparency, a clear legal framework, a credible threat of prosecution and a strong drive to deregulate economies.
"While the direct economic costs of corruption are well known, the indirect costs may be even more substantial and debilitating," IMF Managing Director Christine Lagarde wrote in an essay accompanying the paper.
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WNU Editor: Corruption has been a part of the human condition since the beginning of time .... good luck in trying to get rid of it.
1 comment:
There is a difference in scale now.
KPMG wrote the tax haven laws, which the Com's shoved down the CRA's neck, and while the CRA ignored billions going offshore illegally, they cracked down on $250 EI Clerical errors,
Basically because the Rich can afford Lawyers and the poor cannot.
86% of Afghan Aid, ( roughly $18 Billion a year) is just a "legal" In and Out scheme.
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