“Professor Munroe, Ladies and Gentlemen,
“Corruption exists everywhere. It exists in the UK, in Europe, in Canada, in the USA and in other developed countries. It also exits in the developing world and in Caricom countries.
“Corruption damages development. That is why at the recent G20 summit in St Petersburg, leaders committed to implement the G20 Anti-Corruption Action Plan, combating domestic and foreign bribery, tackling corruption in high-risk sectors, strengthening international cooperation and promoting public integrity and transparency in the fight against corruption.
“G20 leaders also said that sound and sustainable economic growth would be firmly based on increased and predictable investments, trust and transparency.
“So in order to comply with its G20 commitments, the UK Government helps to fund, through its network of diplomatic missions, and through the Department for International Development, the work of Transparency International and affiliated bodies. It is also the right thing to do.
“There are those who believe that corruption is a victimless crime. They are wrong. The World Bank has estimated that, globally, 6% of GDP is lost because of it. If the average is 6%, then it is fair to assume that countries which have a higher than average incidence of bribery and corruption, lose even more. And often these are countries which can least afford it.
“Ladies and gentlemen, there is an inverse relationship between corruption and development: the more corruption, the less development. I don’t think that anyone will argue that Denmark is less developed than Somalia, that Finland is less developed than North Korea, or that New Zealand is less developed than Afghanistan. So, reducing corruption boosts development providing much-needed services to citizens and a better business environment for local entrepreneurs and international investors.
“For that reason, the UK passed comprehensive anti-bribery legislation in 2010. This legislation is far reaching because it is extra-territorial. Should a UK company bribe an overseas official, that company can be brought to justice in the UK. Think about the damage that would cause to a reputation.
“It is also important to recognize that the appetite of tax payers in developed countries to commit to development spend in jurisdictions with high perceived rates of corruption, has waned.
Faced with cuts in services at home, many are asking why monies should be spent abroad, when corruption reduces the net benefit, in some cases to close to zero.
“So what can we do about it? That’s simple. Tackle corruption and the lack of transparency together. By doing so, economies will develop more quickly and more evenly, meaning everyone stands to benefit. The downside: the few will no longer become rich from ill-gotten gains. Sounds like a no-brainer to me.
“Thank you very much for listening. Enjoy the evening.”
