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Did corruption play a role in the global financial crisis?

April 26, 2017corruption crisis financial global play

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Did corruption play a role in the global financial crisis?

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Many of the conditions that enabled the financial crisis are related to corruption risks. These include conflicts of interest entangling gatekeepers; misaligned incentives for decision-makers; insufficient transparency and accountability for market segments and market players; and serious lapses in corporate due diligence, governance and integrity. Recent policy agendas for tackling corruption risks in business are also strongly linked to those intended to prevent a repeat of the financial melt down. The crisis has focused attention on the failings of regulators and critical problems in international cooperation – issues that the 2009 GCR also identifies as urgent concerns for the effective prevention and punishment of corruption in business.