Corruption is a global scourge that imposes costs far beyond the money lost to bribery, embezzlement or fraud. Serious harm results when public officials take bribes, for example, when awarding contracts to foreign businesses in critical areas such as infrastructure. In addition to the human suffering caused by inferior products and services, corruption derails markets and development, and erodes trust in governments and businesses. Similarly, countries that do not effectively manage conflicts of interest, lobbying, and political financing are particularly vulnerable to the risks of covert foreign interference and its destabilising effect on democracy.
Corruption is a moving target that requires constant adaptation, as global shifts like the race for natural resources, technological advancements, and crises create new opportunities for corruption. In such a context, governments and businesses need to consistently manage risks and step up the fight to halt corrupt practices.
