How can we stop the corruption pandemic?

Corruption is like a virus that continues to spread throughout the developed and developing nations of the world. Corrupt practices in the construction industry include bribery and fraud throughout all phases of a project.

In an industry as important as construction, with a local and increasingly global reach, the impact of corruption is significant.

Corruption is bad for the economies of developed and developing countries. It can result in projects that are unnecessary, unsuitable and defective. Commonly important development work is over-priced, severely delayed and are bad for the reputation of their owners/clients, sponsors, contractors, consultants, suppliers and sub-contractors.

Corruption disadvantages those that finance and insure projects such as commercial banks, surety companies, guarantors etc. Corruption results in losses, false claims and reputational risk.

For the construction supply chain, corruption results in wasted tender expenses, increased project costs, economic damage, blackmail, criminal proceedings etc.

Individual directors, partners and managers within the project supply chain businesses, may face criminal prosecutions and loss of professional status.