Combatting corruption is key to creating a sustainable path of future growth for South Africa
Three years ago very few C-suite executives factored in a global pandemic such as Covid-19, and by April 2020 most five-year strategies had to be tossed. Those who survived revealed that more than being strategic, they needed to be resilient.
These situations of rapid change have facilitated the spread of corruption by fraudsters. Not surprisingly, 83% of respondents would like to see greater transparency and availability of ultimate beneficial ownership information to help in the fight against corrupt activity hamstrings businesses. The Cabinet has proposed several anti-corruption measures, including requiring officials to step down from public office if charged.
Beneficial ownership transparency must be seen as part of a broader set of measures to reform procurement corruption, where South Africa lags behind in creating a transparent, open and corruption-proof system.Fronting is pervasive and very few of those either implicated or found guilty of procurement fraud are debarred from doing continued business with government. From fronting to money laundering, beneficial ownership transparency initiatives must be enforced.
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