| Anti Corruption Laws

Corruption affects all aspects of human life. Studies have revealed that  corruption acts as an obstacle to political, social and economic  development. It is often linked with problems relating to political instability,  human rights violations and increased poverty. According to Transparency  International, “Corruption enables human rights abuses, setting off a  vicious and escalating spiral. As rights and freedoms are eroded, democracy  declines and authoritarianism takes its place, which in turn enables higher  levels of corruption.” Corruption has been a matter of grave concern for the  international community for several years. World Bank President Jim Yong  Kim had described it as ‘public enemy no. 1’ and according to estimates  almost $40 billion in foreign aid to world’s poorest economy are lost due to  corruption. The major fallout of corruption are – increases the cost of doing  business, leads to inefficient use of public resources, excludes the poor  from access to public services and it undermines rule of law. In recent years  the international community has been making efforts towards combatting  corruption with the enactment of The United Nations Convention against  Corruption 2003. Several international organizations have been advocating  for fight against corruption such as World Bank, OECD and Transparency  International (TI).