The private sector is key to fighting corruption

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The ninth session of the Conference of State Parties to the United Nations Convention against Corruption (UNCAC) comes amid urgent global challenges. As the world continues to respond to the COVID-19 pandemic, the climate crisis and growing economic uncertainty, it is critical that we also address the issue of corruption – for corporate and political integrity and transparency are integral to realizing the equitable and sustainable future we are striving to reach.

Anti-corruption efforts are needed so that we can invest effectively in urgent priorities. The trillions of dollars governments and businesses are devoting to revitalizing our economies is at risk of being diluted if these funds become fertile ground for corruption and self-dealing. By some estimates, the annual cost of corruption is over $3.5 trillion – capital that could more than fund the $300 billion estimated cost of climate adaption in developing economies.

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