Tag Archives: corruption

Indonesia’s Role to Strengthen Global Assets Recovery Cooperation

Nowdays, no doubt that corruption is one of the greatest obstacle of economic and social development around the world. As stated by Lord Acton, “power tends to corrupt, absolute power corrupt absolutely”,  corruption does not just steal money from where it is needed the most, it leads to weak governance as well as encourage abuse of power in the government.

Besides causing abuse of power, corruption has also caused huge financial losses to countries where corruptors are suspected of hiding their stolen property in other countries. For example, corruptors in Indonesia are known to keep their corruption in Singapore, Australia, America and Switzerland. Not only the moneu, the property is even protected by bank secrecy rules that are generally applied to developed countries where corrupt assets are kept.

It is very apprehensive and ‘sad’ where corruptors from Indonesia, countries with high corruption rates, their corrupt assets are protected by countries with low corruption rates. This inequality certainly raises the question of whether the borrowed funds of poor and developing countries are derived from corrupt money laundered or stored in the Bank of the rich countries.