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Corruption steals from the poor, experts say
Corruption is an act of stealing from the poor, experts said at a World Economic Forum session focusing on East Asia held on Sunday in HCM City.
As much as 5 per cent of the annual GDP of some of Asia's most dynamic economies was lost to corruption, which also inhibited competitiveness, they said.
The one-hour panel on corruption was attended by four speakers from France-based Organisation for Economic Co-operation and Development (OECD), TNT Corporation, the Malaysian branch of PricewaterhouseCoopers International Ltd, and Switzerland-based SICPA Security Solutions.
The session's moderator, Richard Danzinger, Head of the Counter Trafficking Division under International Organisation for Migrants (IOM), noted that corruption had, around the world, exerted severe negative impacts on the economy and society, including a high rate of criminals.
Joroen Brabers, Group Director integrity of TNT, called corruption "stealing from the poor."
Richard Boucher, OECD's Deputy Secretary General, said corruption couldn't be stopped merely by punishment. Anti-corruption work needed effective information exchange mechanisms between governments, he said.
Hans Schwab, Director of SICPA's Institutional Relations, said anti-corruption work should be the combination of several factors including effective legislation and exercise of political will.
Danzinger said an enhancement of moral values and the involvement of all stakeholders in society was needed to fight corruption. Johan Mohammad Raslan, executive chairman of the Malaysian PricewaterhouseCoopers, called for ethical policies as a tool in the fight.
Other countries in East Asia could learn from the example of Singapore in fighting corruption and increasing competitiveness, Danzinger noted.
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