Understanding Corruption and its Impacts

Bribery = Involves offering money, gifts, or favors to influence a person in power Nepotism and favoritism = Involves receiving favors or benefits based on personal relationships Corruption = Refers to the abuse of power for personal gain at the expense of public interest Political Exposed Person (PEP) = Government officials susceptible to corruption requiring heightened scrutiny

Undermines the integrity of institutions = Distorts fair competition Hinders economic development = Harms society as a whole Corruption = Abuse of power for personal gain Bribery = Obtaining illicit advantages through gifts or money

Government officials = Often called Political Exposed Person (PEP) Private sector companies = May use bribery to obtain contracts Know Your Customer sector = Where PEPs are under heightened scrutiny Public sector = May involve officials accepting bribes

<p>Nepotism = Favoring family members or friends Fraud and embezzlement = Misuse of financial resources and deception for personal gain Clientelism = Granting favors to loyal individuals using political power Abuse of office = Government officials using powers for personal gain</p> Signup and view all the answers

<p>Oil and gas sector = Large financial interests and corruption risk due to valuable resources New energy sector = High investment, involvement of major players, and complex financial structures Shipbuilding sector = Risk of corruption due to financial transactions and offshore companies Construction sector = Complexity providing scope for manipulation, fraud, and corruption</p> Signup and view all the answers

<p>Favoritism = Focusing on specific individuals without objective criteria Money laundering = Risk sectors involving illegal payments for favorable deals Environmental pollution = Contributing to risk in oil and gas industry Lack of transparency = Increasing risk of corruption in the oil and gas sector</p> Signup and view all the answers

<p>Oil and gas sector = Political instability contributing to corruption New energy industry = Increased risk of money laundering due to high investment Shipbuilding sector = Financial transactions attracting corruption for hiding illicit funds Trust sector = Complexity allowing manipulation, fraud, and corruption</p> Signup and view all the answers

<p>Clientelism = Unfair distribution of resources and promotion of dependency Fraud and embezzlement = Achieving personal gain through misuse of financial resources Abuse of office = Accepting bribes and manipulating procurement procedures for personal benefit Nepotism = Favoring family members or friends over objective criteria</p> Signup and view all the answers