Shruti Shah, a senior policy director at Transparency International-USA, writing in today’s Huffington Post, said:
“Grand Corruption” by public officials is a problem that has received increasing attention in recent years, particularly following the Arab Spring. The 2007 report by the Stolen Asset Recovery (StAR) Initiative of the World Bank and UNODC estimates that money associated with bribes received by public officials from developing and transition countries to be somewhere between $20 and $40 billion per year. The same report underscores that these stolen assets are often hidden in the financial centers of developed countries. These illicit financial flows constitute a massive outflow of wealth from developing countries and undermine development and growth efforts in these countries.
‘Pushing Forward G8’s Anti-Corruption Agenda’ by Shruti Shah can be viewed here.