It has been estimated that corruption causes up to $1 trillion each year to flow out from developing countries into the rich world. This deprives the countries most in need of valuable revenue and has devastating impacts on their citizens’ quality of life.
Today is International Anti-Corruption Day and CAFOD have joined with likeminded NGOs through BOND’s anti-corruption working group. We are calling on the UK government to do more to tackle the role that UK banks and companies play in fuelling and facilitating the corruption which can undermine development overseas.
CAFOD has welcomed steps taken by the UK government to date, particularly the implementation of the Bribery Act 2010 and calls on the Government to continue following through with the necessary steps to:
- Ensure there are sufficient dedicated resources available to enforce the Bribery Act
- Enforce UK anti-money laundering laws
- Extend the UN Convention Against Corruption and UK Bribery Act to all Crown Dependencies and Overseas Territories.
- Produce a transparent cross-government anti-corruption strategy under the responsibility of UK Anti-Corruption Champion, Rt Hon Ken Clarke MP.
A number of other recommendations are made in our full report, such as improving enforcement of know-your-customer rules by banks and other service providers including accountancy firms so that they do not mistakenly handle corrupt money and also the need to better publicise protection promised to whistleblowers to ensure that much more corrupt behaviour comes to light and can be challenged.