June 2023 | FEATURE | FRAUD & CORRUPTION
Financier Worldwide Magazine
June 2023 Issue
Over the course of the last decade, whistleblowing has become an increasingly important tool in the fight against corruption and corporate malfeasance. While in some circles the concept of a whistleblower may still have negative connotations, these individuals play a pivotal role in revealing risks and blind spots arising from illegal activities, unethical behaviour and cover-ups, for example. Whistleblowing is prominently associated with corporate fraud, where insider reporting may lead to the identification and apprehension of people involved in financial misconduct.
A 2016 study commissioned by the European parliament found that corruption costs the EU between 179bn and 990bn in GDP each year. According to the World Bank, more than $2.6 trillion, or around 5 percent of global GDP, is lost to corruption annually around the world.
Beyond the financial, there are also significant social and political costs. For instance, corruption suppresses electoral and other democratic participation, and leads to inefficient delivery of public services, all of which erodes public trust. These ripple effects reinforce structural inequality and discourage participation in government and democracy, as well as severely hamper inclusivity and sustainability programmes.
Given the impact, there is pressure on governments, regulators and companies to raise awareness of the threat of unchecked bribery and...
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