Fight public enemy No. 1 – corruption
Akhbar Satar | 05 Jan 2018 00:30

The latest strategy of the Malaysian Anti-Corruption Commission (MACC) is to declare corruption and power abuse as the country’s “public enemy No. 1”. The time has come for all parties to be up in arms against corruption. The declaration from the MACC head clearly shows how serious the problem of corruption is in Malaysia.

The costs of corruption for economic, political and social development are becoming increasingly evident. World Bank estimates show that the cost of corruption equals more than 5% of global gross domestic product or US$2.6 tril (RM10.55 tril), with more than US$1 tril paid in bribes each year.

The International Monetary Fund found that corruption increases the cost of doing business by at least 10% while the ACFE Global Fraud Survey Report to Nation 2016 showed that on average, an organisation loses 5% of its revenue to corruption. Fighting corruption and improving the internal control policies can deter, detect and keep the losses minimal.