Global - Austria - China

[Blog] What are the costs of corruption? World leaders frequently cite figures for the global cost of corruption to raise awareness and promote anti-corruption action. A popular estimate is that more than $2.6 trillion, or 5% of global GDP, ls lost to corruption annually around the world. While the methodological soundness of such estimates is being called into question, research has provided ample evidence that corruption has a range of negative outcomes says authors.

World Bank Blogs: https://blogs.worldbank.org/governance/what-are-costs-corruption

 

 

Austria must improve its strategy to prevent risks of corruption in government and in law enforcement. The Council of Europe's Group of States against corruption (GRECO) considered in its recently published evaluation report that it is necessary to adopt an overarching integrity policy regarding government officials in Austria. This recommendation is based on the low level of public confidence in the political class, and the recent scandals that have tainted the reputation of the executive branch.

Council of Europe: https://www.coe.int/en/web/portal/-/austria-must-improve-its-strategy-to-prevent-risks-of-corruption-in-government-and-in-law-enforcement

 

 

[Opinion] China's anti-corruption agency has financial sector in its sights. China's anti-corruption agency: The Central Commission for Discipline Inspection (CCDI) recently published an article calling for a crack-down on "shadow shareholders" and "shadow companies", referencing beneficial ownership transparency. The columnist argues that Beijing seems to be increasingly concerned in controlling capital flight, foreign exchange, and public listings and to curb corruption.

Nikkei Asia: https://asia.nikkei.com/Opinion/China-s-anti-corruption-agency-has-financial-sector-in-its-sights