OUR GLOBAL MOVEMENT
Values Added explores the emerging area of values-based anti-corruption approaches and offers insights for firms seeking to enhance their anti-corruption processes.
Corruption is hugely damaging to global business, with a staggering £2.9trillion ($3.6tn) estimated to be lost annually in the form of bribes and stolen money. For those caught engaging in these practices, the costs can be huge, with Airbus, Rolls Royce and Ericsson just some of the companies that faced substantial fines in recent years. Meanwhile, a 2022 Global Economic Crime Survey highlights that corruption continues to be a challenge for businesses, with 46% of surveyed organisations reporting experiencing fraud, corruption or other economic crimes in the last two years. Despite this, many companies continue to opt for a purely rules-based approach that relies on policies and procedures to tell employees how to behave, but it is increasingly clear this alone is not sufficient when it comes to curbing corruption.
This report outlines practical steps to help companies through the key stages of implementing values to enhance their anti-corruption approaches: defining a company’s desired values, understanding those already in place, embedding values, and finally measuring their impact. It draws from focus groups, and interviews with experts from across business, government and academia, as well as existing literature.
It has never been easier to manage money and make payments around the world. This is partly due to the rapid growth of the electronic money institutions (EMIs) sector, which offers customers personal and business accounts, global payment services and an alternative to the more traditional banks. These firms are becoming increasingly popular.
While most EMIs will be legitimate payment providers, there is a growing body of evidence that suggests they are open to abuse by those seeking to launder corrupt and other illicit funds through the global economy.
This report explores the risks associated with EMIs like these which operate in the UK, and calls for more proactive supervision of their activities than there has been to date.
This letter to Alok Sharma MP, the COP26 President, is from Transparency International and Transparency International UK. It urges Mr Sharma to use Britain's presidency of the UN climate summit to both tackle the climate crisis and create a lasting legacy in the way COP processes are run.
The UK is a safe haven for corrupt and criminal wealth. The list of exposés detailing the investments and indulgences of a global cadre of corrupt individuals in or through our economy has become too large to ignore. Yet it is very difficult to bring a successful prosecution against large companies for serious economic crime in the UK, due to the difficulties in establishing corporate criminal liability. Prosecutions are rare and slow to progress. A change to legislation to more effectively deter corporate crime is long overdue.
