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27 March 2017 22:19 (South Africa)

UN puts cost of global corruption at $1.6 trillion

At the watchdog meeting in Doha, in the United Arab Emirates, the indefatigable Ngozi Okonjo-Iweala, a former Nigerian finance minister and now managing director of the World Bank, is pushing for global action on fighting corruption. And as the UN revealed at the meeting, it estimates political corruption costs nations around the world $1.6 trillion. The World Bank is proposing independent review mechanisms that would look into countries’ finances for signs of money laundering. The measure has been opposed by the usual suspects - China, Russia and Iran - thus automatically rendering the proposal a failure. Read more: BBC News

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