World Bank estimates losses due to corrupt acts at $1.3 trillion

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An anticorruption crusader on Thursday cited a World Bank financial study that quantified the “devastating effect” of illicit financial flows through corruption at $1.3 trillion a year.

Dr. Naser Al Sane, outgoing chairman of the Global Organization of Parliamentarians Against Corruption (Gopac), said losses due to corrupt practices ranging from bribery to theft and tax evasion would be equivalent to the combined economies of Switzerland, South Africa and Belgium.

“This amount of money could lift the lives of 1.4 billion people living on less than $1.25 a day… for at least six years.

Al Sane, a Kuwaiti member of Parliament, said countries with “weak governments” as a result of irregular practices “have a 30-45 percent higher risk of civil war,” citing a separate World Bank development report in 2011.

He lamented that many global leaders would invoke the UN Convention Against Corruption during their political campaigns “yet do nothing” in achieving its goal.

“Look at the regimes that are falling in the Middle East! All dictators fall because of revolutions.  They belonged to countries that ratified anticorruption treaties,” Al Sane said.

He also warned that global corruption “is getting worse.”

“It’s a monster everywhere facing us. This is a challenge not only to us [but] to all activists,” he said.

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  • Young_Gen

    U will lose 6 yrs of ur priceless life with UNA. Google “jejomar binay mistress”. Click on images. Kape at gatas.

  • kalikasanipagtanggol

    Kasama na naman ang pinas diyan sa mas marami sa populasyon ang either directly or indirectly may participation sa corruption!

  • Hellomr

    Mga kababayan ko please lang huwag natin Iboto ang lahat ng UNA…. Ito ang mag papahirap sa atin economiya…….

    • victor1052

      kasali ba yun baklang antigo na si maceda? super corrupt yon. Ba’t daming bakla ngayon? P-y, magladlad ka na!

      • adriel0104

        dumadami ang mga abnormal..

  • http://pulse.yahoo.com/_W7TPARCYJFCSA3PBQAM3MVZO3E kurakut

    ZERO BASED BUDGET!!! ZERO VOTE FOR UNA!!! 

  • billy gunner

    binay is still the better president-would-be. binay for president!

  • adriel0104

    UNA UNA UNA UNA-uunahin pa rin ang pera!

  • carlorocci

    Ilang porsyento kaya nito ($1.3T) ang nakulimbat ng mag-asawang ARROVO at mga alipores nila.

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