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30 March 2017 00:49 (South Africa)

World Bank counts cost of corruption

The World Bank says developing countries lose $20 billion to $40 billion to corruption each year, with emerging markets increasingly a haven for stolen assets. But former Nigerian finance minister and now the bank’s managing director, Ngozi Okonjo-Iweala, says corrupt cash flows are a two-way street, and both developed and developing nations needed to work together to stop the rot. She is urging governments to ratify the United Nations Convention Against Corruption, saying much of the stolen money ends up in both onshore and offshore bank accounts. Read more: Reuters, IPOC

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