Corruption Costs the World Economy at least 5% of GDP Says UN Secretary General

The United Nations recently marked World Anti-Corruption Day. In announcing the day the UN highlighted the current estimate that every year over $1 Trillion is paid in bribes and over $2.6 Trillion is stolen through corruption. That's over 5 percent of the worlds gross domestic product. An astonishing figure. Another statsitic to illustrate the scale of corruption: According to Transparency International, about a quarter of the worlds population has paid a bribe while trying to access public services in the past year.

While there are many efforts to clean up corruption happening around the world (many of which we've written about here on the blog), corruption remains a huge problem. The United Nations called on countries to implement anti-corruption efforts, including the UN Convention Against Corruption.

As countries work to create new anti-corruption laws and enforce existing ones more strictly it's important that businesses know how to avoid falling victim to corruption, and how to comply with local and international laws. Smith Brandon International can help your company set up compliance programs to comply with laws around the world, and to proactively prevent your business become tangled up in corruption. We can also help you investigate suspected corruption, and check out suppliers and business partners to be sure they aren't going to open your company up to charges of corruption. Call today for a free consultation.