Corruption is one of the most serious problems facing the world today. It retards economic development by distorting the allocation of resources and discouraging investment. It undermines democratic institutions and saps the confidence of the people in the rule of law. It wreaks havoc upon our societies by facilitating the flow of illegal drugs, the trafficking of human beings, the exploitation of the poor and the vulnerable, and the destruction of the environment. But one of the most formidable barriers standing in our way is that of corruption.
Corruption has to be attacked on multiple fronts.
You will be addressing a number of them during the course of the day. The past 50 years have demonstrated that to successfully fight corruption, the role of government in the business sector has to be reduced or reformed. This means deregulation and privatization. It means the rationalization of tax and tariff regimes that promote evasion and smuggling. It means transparency in contracting and procurement.