Graft is a critical issue, having become one of the world’s most discussed topics. It goes without saying that there is graft wherever there is money.
Corruption was taking its toll on the international banking system, financial institutions and property firms even before the global financial crisis. Bank loans and other financial facilities were available to everyone, in both legal and illegal forms, as individuals sought to buy real estate.
Soft policies have added fuel to the flames, worsening the economic and financial turmoil resulting from the sub-prime mortgage crisis.
Unfortunately, repercussions of the sub-prime crisis have reached the Arab world, particularly the Gulf region, which has been badly hurt. However, countries that invested their funds cautiously, whether locally or internationally, were safe. The sub-prime crisis was triggered by corruption, which was rampant in stock markets. Stock markets in the Gulf region are not completely safe from global corruption as they have been used by profiteers. However, most investors in the Gulf have stayed away from bourse trading since the eruption of the sub-prime crisis in 2008.
Greed, ultimately, is the cause of all crises everywhere. Therefore, graft-combating agencies and organisations that promote accountability are burdened with the task of recovering stolen assets or public funds, especially in the Arab Spring countries.
