TIs perception of corruption index CPI2020 [#CPI] is out – BUT is it any use for AML risk assessments?
28/01/2021
Transparency International's perception of corruption index CPI2020 [#CPI] is out. Once again, its results make absolutely zero sense – and interestingly TI acknowledges that the results shouldn't fool one, and took the time to list the REAL #corruption issues of its top 25 performers.
For example look at what they say about the best country Denmark (88): a top performer that shouldn't fool you
- While Denmark (88) has a public sector that may well be exemplary for anti-corruption, it does not mean this top scorer is completely clean.
- Denmark's anti-bribery laws have significant limitations, and the Danske Bank scandal highlighted how weak supervision in the financial sector allowed millions in suspicious funds to enter the European Union (EU).
- Danske Bank scandal
- While the Danske Bank scandal made it clear that Denmark's financial supervisory authority did not
- Have the necessary powers,
- Resources or capacity to supervise the financial sector,
- Since then
- More inspectors have been hired, and
- The supervisory body gained new powers to monitor and sanction banks.
- However, it remains to be seen how these recent changes will be implemented.
- While the Danske Bank scandal made it clear that Denmark's financial supervisory authority did not
So my question is:
- Should another index reflecting grand corruption be produced?
- Should firms follow the index in their risk assessments?
https://www.transparency.org/en/news/cpi-2020-trouble-in-the-top-25-countries