Global: Global pharmaceuticals open to corruption

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Report by Transparency International shows that global pharmaceuticals remain open to corruption and abuse. There has been limited intervention from government as well as the private sector to tackle the problem. Recent scandals largely indicate that Pharmaceuticals are involved in bribery and have attracted more focus than the banking sector http://www.reuters.com/article/us-pharmaceuticals-corruption-idUSKCN0YN624

Global: Financial capital is the right problem to tackle

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“It’s not the bureaucracy, it’s not the police, it’s not the politics but what is corrupt is the financial capital. 90 per cent of the owners of capital in London have their headquarters offshore” These are the words of Saviano, an investigative journalist who recently wrote the  best-selling exposés Gomorrah andZeroZeroZero. Jersey and Cayman’s Island are the dominant   juridictions that hosts the wealth acquired by corruption. The country with power to stop that is the UK. http://www.independent.co.uk/news/uk/home-news/roberto-saviano-britain-corrupt-mafia-hay-festival-a7054851.html

Global: Nigerian president tells western nations to Crack down on their tax havens

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Nigerian president Buhari told western nations to clean up tax havens in their jurisdictions if they sincerely want to stop corruption.  Buhari, who was addressing the London Anti-corruption summit, said money stolen from Africa and across the world is hidden in the west.  The west has done little to reform their systems which facilitate the corruption. Among the leading tax havens in the world are: Switzerland, Hong Kong, US, and the UK. https://www.washingtonpost.com/posteverything/wp/2016/05/26/want-to-end-corruption-crack-down-on-tax-havens/

South Africa: High Court orders prosecutors to review president Zuma’s corruption case

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The High Court in South Africa has ordered the prosecution to review the corruption case against President Jacob Zuma. The High Court ruled last month that the April 2009 decision to drop the charges, which allowed Zuma to run for president in elections the same month, was irrational and should be reviewed. The Constitutional Court, the country's top court, found in March that Zuma breached the law by ignoring an order to repay some of the $16 million in state funds spent on renovating his private residence. http://www.reuters.com/article/us-safrica-zuma-prosecutors-idUSKCN0YB100

Elsalvado: Gang extortion takes up 16% of the nation’s GDP

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Gang extortion in Elsalvado is a common phenomenon.  Upto $550 can be extorted from a single business. All businesses from street food vendors to multinational companies- all pay this undue tax to these gangs. Salvadoreans pay $756m a year, about 3% of the GDP to gangs; besides the total cost of security and related expenses all amounting to 16 % of the GDP. Salvadorean authorities estimate that 60,000-70,000 people belong to gangs and that half a million more—relatives, business partners, corrupt politicians and police—are financially dependent on them. http://www.economist.com/news/americas/21699175-countrys-gangs-specialise-extortion-they-may-be-branching-out-gangs-cost

   
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