Tuesday, 25 October 2011
A young participant in the Occupy Wall Street protest in New York’s Times Square in New York.
Corruption and corporate fraud is costing companies and governments about $40 billion dollar a year and is increasing globally, a World Bank and United Nations joint report said.
The World Bank highlighted 817 ‘corporate vehicles' which were implicated in 150 corruption cases worldwide and involved about $56.4 billion (Dh207 billion) over the last few years, in the report released yesterday.
Most large-scale corruption cases involve using legal entities to conceal ownership and control corrupt proceeds, the study released by the Stolen Asset Recovery (StAR) Initiative of the World Bank and the United Nations Office on Drugs and Crime, said.
(For more, please see: http://gulfnews.com/business/general/global-fraud-costs-40b-a-year-1.918127)
The World Bank highlighted 817 ‘corporate vehicles' which were implicated in 150 corruption cases worldwide and involved about $56.4 billion (Dh207 billion) over the last few years, in the report released yesterday.
Most large-scale corruption cases involve using legal entities to conceal ownership and control corrupt proceeds, the study released by the Stolen Asset Recovery (StAR) Initiative of the World Bank and the United Nations Office on Drugs and Crime, said.
(For more, please see: http://gulfnews.com/business/general/global-fraud-costs-40b-a-year-1.918127)
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