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Anti-Corruption Drive – Critical to Future, International by Nature

June 5, 2016 • FINANCE & BANKING, CRITICAL ANALYSIS, Dan Steinbock, Responsible Finance, World Development

By Dan Steinbock

No inclusive growth is conceivable without success in Nigeria’s anti-corruption drive. Today, that struggle is increasingly global.

In mid-May, the world’s first anti-corruption summit took place in London. During the event, the chairman, UK Prime Minister David Cameron was caught on open mike disclosing to Queen Elizabeth II that attendants included some “fantastically corrupt” countries, including Afghanistan and Nigeria.

While most advanced economies in the West score relatively high in perceived corruption indexes, many continue to serve as conduits for ill-gotten wealth.

“I’m not demanding an apology,” Nigeria’s President Muhammadu Buhari said. “I am demanding a return of assets.”

It was precisely the right way to hit back after Cameron’s “gaffe.” But as Buhari added, ‘repatriation of corrupt proceeds is very tedious, time consuming, costly and entails more than just the signing of bilateral or multilateral agreements.”

 
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About the Author
dan-steinbock-webDr. Dan Steinbock
 is an internationally recognised expert of the nascent multipolar world. In addition to advisory activities, he is Research Director of International Business at India China and America Institute (USA) and Visiting Fellow at Shanghai Institutes for International Studies (China) and the EU Center (Singapore). He was born in Europe, resides in the US and spends much time in China and Asia. For more, see www.differencegroup.net

 

 

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