World EU Loses $162bn Anually to Corruption

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The European Commission on Monday in Brussels released the first anti-corruption report of the European Union, saying the European economy loses 162 billion dollars (about N25.9 trillion) annually due to corruption.

According to the report, corruption continues to be a challenge which affects all EU member-states, adding that member-states have taken many initiatives in recent years, but the results are uneven.

The report says that public procurement was particularly prone to corruption in the member-states, owing to deficient control mechanisms and risk management.

Also, some sectors, including urban development and construction, healthcare and tax administration, also seem particularly vulnerable to corruption.

Cecilia Malmstrom, EU Commissioner for Home Affairs, said in her reaction that corruption undermines citizens’ confidence in democratic institutions and the rule of law.

“It hurts the European economy and deprives states from much-needed tax revenue,’’ she said.

The commissioner said member-states had done a lot in recent years to fight corruption, but lamented that the report shows that it was far from enough.

Malmstrom therefore urged EU member-states to follow proposals on counter-corruption listed in the report.

PANA reports that a Eurobarometer survey on the attitude of Europeans towards corruption published on Monday showed that 76 per cent of Europeans think that corruption was widespread.

The survey also showed that 56 per cent think that the level of corruption in their country had increased over the past three years.

It also showed that eight per cent of Europeans said they had experienced or witnessed a case of corruption in the past year.
 
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