../Morning Post
Posted November 9, 2009
Emerging Markets

Corruption Costs Poorer States Up To $40 Billion A Year.

"Corruption costs developing nations $20 to $40 billion each year, while emerging markets and financial centers are increasingly havens for stolen assets, a top World Bank official said on Saturday. World Bank Managing director Ngozi Okonjo-Iweala said 'concerted global action' by both developed and developing states was needed to stem the flow of illicit funds and urged governments to ratify the UN Convention Against Corruption (UNCAC)...." [Reuters (11/7)/Factiva]

AP adds that "...but hopes for far-reaching accords appear muted.... One of the key roadblocks is working out international accords that give UN and World Bank teams the ability to track and return stolen public assets. The quarry can be huge. The joint initiative estimates that some regimes have gutted their nation of up to 4.5 percent of gross domestic product.... But Okonjo-Iweala told The Associated Press that confronting corrupt government also can have an important 'humanitarian aspect' by re-channeling funds to programs such as better sanitation, AIDS prevention and child health care...." [Associated Press (11/9)/Factiva]

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