Thursday, March 28, 2024

CDB president: Implement more measures to fight corruption

Date:

Share post:

Caribbean Development Bank (CDB) president Dr Gene Leon is urging Barbados and other regional countries to intensify their efforts to reduce corruption.

This was necessary for the Caribbean to reduce poverty and increase economic growth, the economist said today as the CDB opened its two-day Caribbean Conference on Corruption, Compliance and Cybercrime 2021.

Leon said more effective governance was “particularly crucial at this very moment when the region is addressing multiple challenges in health, education, social welfare and economic development”. It was also important in the context of increased cybercrime risks, he added.

“The region’s current economic and social challenges should be more than enough incentive for us to take the appropriate action. Instituting suitable systems for accountability and compliance are necessary for building investor confidence and attracting investment for the achievement of sustainable development,” he said.

Leon said the Barbados-based CDB viewed development “as a holistic process with strong governance systems as an integral element of the region’s economic and financial ecosystem”.

“Governments and organisations can all support this objective of making governance the pedestal of credibility by fostering adherence to the rule of law, establishing and maintaining effective legal and regulatory frameworks and by pursuing anti-corruption policies that promote trust and build integrity,” he said.

Leon mentioned bribery as one of the corruptive practices that could harm countries like Barbados. He said the International Monetary Fund estimated that bribery alone costs between US$1.2 trillion and US$2 trillion a year. This was equivalent to a loss of about two per cent of global GDP.

Regarding cybercrime, he said global researcher and publisher Cybersecurity Ventures estimated that global losses from cybercrimes could top US$6 trillion in 2021 compared with US$1 trillion in 2020. (SC)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

BDF to conduct simulation exercise on April 2 & 3

The Barbados Defence Force (BDF) will conduct a Mass Casualty Simulation Exercise from Tuesday, April 2, to Wednesday,...

Barbadians reminded to file taxes online as filing season starts

The Barbados Revenue Authority (the BRA) is advising that tax filing season for 2023 begins on April 1 this...

Minister Abrahams’ statement on Ismail Patel’s passing

Below is the full statement by Minister of Home Affairs and Information, Wilfred Abrahams: I was saddened to...

Water bills for March to include February charges

A few weeks ago, the Barbados Water Authority (BWA) informed customers in parts of Christ Church and St....