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Rutherford Blog

Jonathan Skerrett
over 4 years ago by Jonathan Skerrett
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​Regulators and law enforcement bodies could be fighting bribery and corruption for "the next couple of decades" because of the extensive and ingrained nature of the problem, according to a senior official from the Organisation for Economic Cooperation and Development (OECD). Adrian Blundell-Wignall, head of the directorate for financial and enterprise affairs at the OECD, said the value of bribes paid each year had risen to an estimated $3 trillion. Blundell-Wignall said the recent bribery allegations surrounding the Monaco-based Unaoil organisation had come as a huge shock to those in the anti-bribery space. He said the allegations indicated that Western companies were spearheading the efforts to corrupt government officials in the developing world. This contradicted the commonly held view that Western companies pay bribes reluctantly under pressure from corrupt local officials.

Full article; June 28th 2016, Nathan Lynch, Regulatory Intelligence, Reuters