global priorities/other thematic issues/Global Crisis/Confronting Corruption Challenges

The combination of an insatiable demand for high-risk financial products and flawed credit ratings resulted in the markets becoming impenetrably opaque. When this lack of transparency and regulatory failure became apparent, investor confidence disappeared and the markets collapsed. These lessons should serve as a warning that unless rescue and reform measures are forged in the spirit of transparency, accountability and integrity to the benefit of everyone then they are likely to fall short of their aims.

Anti-corruption assessment of the global crisis

Laying bare the opacity, lack of accountability and greed that lay behind the financial crisis that unfolded in 2008, the document maps out a roadmap to a more solid, responsible and sustainable financial architecture
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Strengthening corporate governance to combat corruption

Poor corporate governance is recognised as one of the forces to blame for the collapse of the financial markets since it failed to ensure the transparency, accountability and integrity of companies, particularly on matters of corruption
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Building corporate integrity systems to address corruption risks

Corporate integrity is often perceived to be the product of ethical leadership, strong compliance and effective regulations that prevent and sanction wrong-doing. While these elements are essential, they are not sufficient alone to comprehensively and sustainably tackle the broad range of interrelated corruption challenges that face companies >> read more

Controlling corporate lobbying and financing of political activities

Corporate lobbying and financing of political activities are carried out by most large corporations. Both sets of activities, when undertaken with integrity and transparency by a company, can be a legitimate and positive force. Yet, the extensive funds at the disposal of businesses and the close relationship that exists between many companies and lawmakers can lead to undue, unfair influence in a country’s policies and politics >> read more

Countering cartels to end corruption and protect the consumer

Consumers around the world were overcharged approximately US $300 billion through almost 300 private international cartels discovered from 1990 to 2005. The illegal costs of cartels go beyond inflating prices for consumers, exacting an economic toll on countries and undermining the integrity of companies. Cartels can form in any sector, ranging from health care and transport, to construction and telecommunications >> read more

Making anti-corruption regulation effective for the private sector

A comprehensive regulatory framework for the private sector is a prerequisite for a transparent, honest and just society: where regulation is weak, corruption risks grow strong. As the primary rule makers and enforcers, governments have a responsibility to ensure the effective regulation of markets, protection of citizens and enforcement of laws>> read more