TRACE publishes its 2021 corruption risk matrix

When conducting business in foreign countries, the likelihood of bribery claims is highest in North Korea, Turkmenistan, Eritrea, Venezuela and Somalia, while in Denmark, Turkey and Norway, Sweden, Finland and New Zealand, it is unlikely that anyone will ask for a bribe. according to TRACE, a globally recognized professional association.

Over the past five years, the risk of corruption in the United States has fallen relative to global trends, and Uzbekistan, Gambia, Armenia, Malaysia and Angola have shown the strongest tendency to improvement of factors underlying commercial bribery. (Photo: Piqusels, License)Dedicated to the fight against corruption, good governance and compliance, TRACE released its 2021 Corruption Risk Matrix on Wednesday, which measures the likelihood of corruption in 194 jurisdictions.

The matrix was originally developed in 2014 to help the business community gain reliable information on the risk of commercial bribery around the world, as well as examine the conditions that allow commercial bribery to flourish.

It collects data from major public interest and international organizations such as the United Nations, the World Bank, the V-Dem Institute at the University of Gothenburg and the World Economic Forum.

Over the past five years, the risk of corruption in the United States has fallen relative to global trends, and Uzbekistan, Gambia, Armenia, Malaysia and Angola have shown the strongest tendency to improvement of factors underlying commercial bribery.

In addition, the data showed that all Gulf Cooperation Council (GCC) countries experienced an increase in the risk of commercial bribery from 2020 to 2021.

“Coming off a record year for fines and penalties imposed by the US Foreign Corrupt Practices Act, anti-corruption compliance is a priority for multinational companies,” said TRACE President , Alexandra Wrage.

“We are delighted to present another edition of the TRACE Matrix, which companies use to identify considerations for managing corruption risk in the markets in which they operate,” she added.

The TRACE Matrix helps businesses examine the nature and extent of government interaction with the private sector. It also offers an overview of societal attitudes towards corruption and the government’s ability to enforce anti-corruption laws, government transparency as well as the capacity of civil society to monitor and expose corruption.

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