Corruption undermines sustainable development and has a corrosive impact on growth. It introduces uncertainty, makes access to capital more expensive, discourages foreign investment and erodes fair competition.
Besides the negative effect on resource allocation and business efficiency, corruption serves as one of the main causes of inequality. The cost of corruption has been estimated at about 5% of the global GDP. Every stolen dollar robs the most vulnerable of equal opportunities in life.
Corruption breaks the social contract between citizens and States. It affects the overall governance and institutional environment. Along with income inequality, corruption breeds regulatory ineffectiveness and government inefficiency. More serious crimes follow, as illicit financial flows find their way across countries.
For these reasons, integrity and compliance will be among the top priorities at B20 Argentina. The business community of the G20 countries will continue to address issues like full implementation of FATF recommendations on transparency and beneficiary ownership, but will also focus on improving transparent and open government procedures, including budgeting, agreements related to infrastructure, public contracting and customs. B20 will also focus on standards of integrity, transparency and compliance for state-owned and state-related enterprises in a digital age.
“Much has been said and written about AntiCorruption, and the fact that this issue has come to the Forefront is good news. The challenge now is to propose a pragmatic and precise program that can be implemented world wide to put so many good intentions into doable actions, both in the public as well as the private sector. This is precisely what the Integrity & Compliance Task Force of the Argentina B20 is working on. Certainly not easy - but well worth the attempt to start putting these efforts into concrete actions.”
“Integrity is the basis of sustainable business and responsible conduct, but it is not a given. We need to promote it every day and strive for it together with both the public and private sectors. The implementation of effective Compliance systems in both the private and public sector is key for clean business and fair competition. It should be recognized and rewarded.“
Asociación Cristiana de Dirigentes de Empresa
"To work in favor of integrity in business requires of participants -first and foremost- a personal commitment to maintain a clear and responsible behaviour founded on solid values, setting a model for the enterprise itself and an example for society. "
“I have the honor to co-chair the Integrity & Compliance task force at B20 Argentina. The G20/B20 process is a great way to foster the dialog between business, government, civil society and media on Integrity & Compliance. We will not combat effectively the poverty, waste of resources and erosion of trust inherent to corruption if we fight separately. I hope we will improve the work done at the previous of the B20 2017 cross-thematic group for “Promoting Integrity by Creating Opportunities for Responsible Businesses”. We should focus on a strong “implementation of the recommendations in national action plans and legislation, especially when it comes to incentivizing compliance efforts in the private sector and to care for transparency in ownership structures.”