- Up to $40 billion stolen from developing countries each year through bribery, misappropriation, corrupt practices.
- At Paris conference, Bank Group Managing Director joins Ministers from France, Switzerland, and South Africa to discuss solutions.
- Participants call for more transparency, effective customer due diligence among financial institutions.
At a time of global economic hardship, corruption fighters from around the world convened this week in Paris to work against further plundering of developing countries, by supporting efforts against asset theft and safe havens for ill-gotten gains.
“Each year, through acts of corruption, developing countries lose billions of dollars that find safe haven in international financial centers,” said the World Bank Group’s Managing Director, Ngozi Okonjo-Iweala. “This enables and promotes the globalization of corruption.”
See full Press Release.
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