Global Financial Strategy - Russia falls foul in worldwide corruption rankings

Global Financial Strategy

Search the site >>Advanced search

First for financial regulatory news and views

Russia falls foul in worldwide corruption rankings

Tuesday 26 October 2010 – by Will Henley

Asian financial hub Singapore has topped a new international survey as one of the least corrupt countries in the world.

In the annual Corruption Perceptions Index by Transparency International, a non-profit organisation, Singapore tied with New Zealand and Denmark to claim highest score, followed closely by Sweden, Finland and Canada.

Leading emerging market Russia however scored badly at 154th out of 178 assessed territories – down from 146th in 2009 – placing it below Libya and Zimbabwe and just one place above the Democratic Republic of the Congo.

According to the survey which draws on business opinion, the United Kingdom and United States each dropped three spots to 20th and 22nd respectively, while Hong Kong and Germany both dropped one place to claim 13th and 15th.

Countries worst affected by the financial crisis were most notable among those with worsening scores, according to the survey’s authors.

Related articles:

Russian task force on IFRS adoption

Indian anti-corruption chief forced out

Cables reveal US concern that Iceland would be ‘beholden’ to Russia

UK warns EU could become ‘bystanders’

UK and US cling onto top spot in WEF report

Huguette Labelle, chair of Transparency International, said that the report indicated that G20 efforts to crack down on corruption should be “accelerated”, adding that there should be “more enforcement” of existing rules and laws.

She said: “It is commendable that the Group of 20 in pursuing financial reform has made strong commitments to transparency and integrity ahead of their November summit in Seoul. But the process of reform itself must be accelerated.”

“There should be nowhere to hide,” Labelle added.

In the 2010 survey, China shares 78th place with Greece. Bottom was claimed by Somalia.

WHAT DO YOU THINK?

Name:

Email:

Comment:

Post as	Anonymous
	Display name

Please, enter security code

No comments yet.

Login	Register	Most read	Most commented
Username Password >> Remember me >> Forgotten your password? >> Sign Up GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

FIND A REGION world regions