G20 Foundation Publications China 2016 | Page 114

FIGHTING CORRUPTION ENDING CORRUPTION IS ONE OF THE BEST WAYS WE CAN PROMOTE SUSTAINABLE DEVELOPMENT YURY FEDOTOV Executive Director, UN Offi ce on Drugs and Crime 114 In early May, I travelled to Nigeria to discuss the issue of drugs, crime and corruption with senior government offi cials. During my meeting with Nigerian President Muhammadu Buhari, I thanked him for Nigeria’s willingness to work with the international community to confront crime and said I understood how much damage corruption had done to his country. He replied by asking me for help in the return of the billions of dollars that have been siphoned from his country. My meeting with the Nigerian president reinforced a key conviction of mine that the international community must redouble its eff orts to support and assist countries devastated by corruption’s eff ects. This is especially important in the area of the return of cultural property, as well as the huge amounts of funds stolen from the African continent. Over recent years a series of embarrassing corruption scandals have shown that corruption is not simply a local issue, but a staggeringly complex global challenge that transcends domestic borders. Today, the impact of corruption is so great, and its impact on development so widespread, that there is a need for a revitalised international approach that brings together all nations in the spirit of partnership and cooperation. International business, outsourcing and off shore banking are now commonplace, and improved technology and travel mean that countries are now more than ever interconnected fi nancially. This creates numerous opportunities for corruption to set down deep roots, but its victims are not necessarily obvious. The negative eff ects of corruption are signifi cant in all areas of social and economic development. But it is the weak and the vulnerable who suff er disproportionally from such acts. When corruption strikes, those who can spare the least suff er the most. The misuse of funds ensures that money needed for education and healthcare is redirected into the hands of the corrupt. In countries that have diffi culty providing access to proper medical care, or are struggling to feed their citizens in the wake of droughts and climate change, the disappearance of funds can be a matter of life and death. It is estimated that the developing world loses as much as US$1 trillion due to corruption. Such an enormous amount demonstrates how necessary it is for the international community to