Combating Corruption and Financial Transparency

Today, corruption poses a significant barrier to economic and social development, affecting not only nations but also the private sector and the global financial system. Corruption leads to the misallocation of resources, increased poverty, and loss of public trust in government. In this article, we will explore the impact of corruption on the financial system, the importance of financial transparency, and strategies for combating corruption, including global best practices.

Forms of Corruption in the Financial System

1. Corruption in Government Finances:

In 2015, Brazil’s “Petrobras Scandal” became one of the most well-known examples of corruption within state-run companies. Billions of dollars were misappropriated from the state-owned oil company, which resulted in an economic crisis and political instability.

2. Corruption in the Private Sector:

The 2008 global financial crisis was partly caused by fraudulent financial practices and corruption in the banking system. For instance, Lehman Brothers was involved in illegal financial manipulations, which had a devastating impact on the global economy.

3. Global Impact of Corruption:

The Panama Papers (2016) revealed the scale of global corruption and money laundering operations. Many politicians and business leaders were found to have moved financial assets into offshore accounts illegally, which undermined the global financial system.

Importance of Financial Transparency

Ensuring Economic Stability:

Georgia’s commitment to anti-corruption measures and its efforts to improve financial transparency have stabilized its economy. The introduction of e-Government systems, for example, significantly reduced corruption and attracted foreign investment.

Increasing Public Trust in Government:

Sweden and Denmark are among thee countries with the lowest levels of corruption globally. Their transparent financial systems ensure that the public is informed about how government funds are used, fostering greater trust in the political process.

Methods of Combating Corruption

1. Utilizing Technology:

India’s Aadhaar system has enabled the government to directly deliver financial assistance to citizens, reducing the opportunity for corruption and ensuring funds reach their intended recipients.

2. Strengthening Legislation:

In South Korea, former president Park Geun-hye was convicted of corruption, which led to stronger anti-corruption laws and improvements in government accountability.

3. International Cooperation:

The OECD (Organisation for Economic Co-operation and Development) has implemented anti-corruption conventions that help improve global financial transparency. For example, the convention has enforced strict measures to prevent bribery in international business transactions.

4. Public Oversight:

Transparency International plays a crucial role in detecting and exposing corruption. Its annual reports are used to assess and highlight corruption levels across countries, pushing governments to take action.

Combating corruption and promoting financial transparency are essential for the sustainable development of both countries and societies. The implementation of technology, stronger legislation, and international cooperation all contribute to reducing corruption. The success stories of countries like Georgia, Denmark, and India demonstrate that transparency fosters trust, economic stability, and social progress. By improving financial literacy and shaping an anti-corruption culture, we can ensure a stable future for all.

NARZULLOYEVA MUNISA BAKHROMOVNA was born on August 13th, 2006, in Surxandarya region, Sariasia district of the Republic of Uzbekistan. She is currently studying in her first year at the Faculty of Journalism. She has accomplished a lot of achievements. For instance: her articles were published in Germany’s “Raven Cage” and Kenya’s “Mt. Kenya Times” international magazines. Additionally, her articles were published twice on the official website of “Synchronized Chaos” and have been indexed on Google. Also, she is a member of the “All India Council of Technical Skill Development” and a member of “Global Education Ambassador”.

The Awesome Himalaya

An awesome great height,

and a multiplex geologic frame

with breathtaking designs.

Snow capped summits and peaks,

large valleys with heaps of

solid water and freezing salt.

Extensive water gorges with

rich flora and fauna;

like the delicate growing viola,

the ever creeping frageria,

the tuft potent ilia,

lesser pandas,

the very elusive polar leopard,

and the dreadful luciferian black bear.

All these speak loudly and visibly to you

about me – The Himalaya.

I have promoted and elevated a few to

the heroic peaks of intrepid success.

The chief of them being Hillary.

Still any who dares to maintain the upward

trajectory will undoubtedly be indelibly rewarded.

I am a rare sight to behold, and the melting pot of the red dragon, the golden sparrow, the thunderbolt, the incredible land of the gods, and Ali Jinnah’s carved out jewel.

Rain

The sun is hidden behind the clouds

The clouds turned into a black storm

Covered the sky together with the sky

Suddenly the sky rumbled

Lightning flashed in the sky

Little by little

It started to rain

It was pouring rain

Knocking on the window

The smell of rain spread

It caught the whole world

Enjoy the plants

Sevinardi in the rain

It is slowly shining from the rain

Thank you plants

Asta bowed his head

How Many?

I’m suddenly frightened, scared to death, actually. I feel a little dizzy and breathless. I crack open another beer, in order to forget what might be facing me. I’m losing my memory and there’s nothing I can do about it.

It was subtle at first: what singer sang Fast Car, a tune that was popular more than 30 years ago? Try as I might, I couldn’t recall. It’s not like my short-term memory is evaporating, which is an early indication of Alzheimers. And it’s not like I can’t remember what day it is or the name of the president. Those were the questions the neurologist asked my dad when he was diagnosed at age 80, more than 20 years before. So what am I worried about? On the other hand, all my mom and dad’s brothers and sisters suffered profound dementia prior to their deaths.

As I drink my beer, I wonder: how many beers have I already had? I can’t remember. And have I eaten? Did I take my medicine yet? What is the name of that singer? Next I try to retrive a document on my PC, but I get confused; I forget how to do it! Dammit!

Dad was just 10 years older than I am now when his memory began to fail. Today when I was out and about, people stared at me as if they didn’t know what I was talking about, as if I’d said something which didn’t compute, didn’t make sense. Instantly, I forgot what I’d just said. Did I say something to upset that young female cashier? Did me mistake me for some kind of masher? Do they even use that expression anymore? God, I’m old!

Back home again, I stride into the next room with purpose, only to discover that I didn’t know why I’ve come. And I don’t even remember coming back home. I open another beer; this makes…how many? 

The city covered in white snow,

Now the children are playing in the snow.

An example of white cream is sugar,

Therefore, eat children.

All together harmoniously and harmoniously,

But the cold weather hurts.

But our warm affection, affection,

It’s our palm.

Let’s go sledding and play in the snow.

We are constantly thinking about the New Year.

A group of children gathered,

We are making a beautiful snowman.

Letter

Maybe you will wait me furtively,
Why is it I’m writing it on a small piece of paper?
I’m silly, I’m weird, I cannot understand,
After leaving you and coming back I’ll become crazy.
Maybe you have forgotten,
A smiling girl walking in your street.
Where did our ways broke a part?
Or are we now strangers to these streets.
Maybe you have missed my flaw, dull,
But written with a special kindness poems.
Sometimes, my heart becomes tired of silence,
When the questions do not let me go.
My cure is you, but paper is being my sympathy,
I hurt my heart by trying to write something on it.
The street that was full of my laughter formerly,
Is now filled with me and my tears.
The feeling that you do not know or do not realize,
Paper even can understand my speechlessness.
I want to become a piece of paper,
Which you wanted to see something written on.

Teacher

Do not think
I have grown old,
I’m still the same, the same that you knew.
I do not know whether I justified your trust or not,
But I do know I have made your pain even more.
Sometimes, I get your words wrong,
Sometimes, I get upset from you.

But I did not know that you had a heart as well,
Was I crazy while not controlling my tongue?
Maybe, you will be happy while reading mistake less poems,
Poems that are devoted to you.
But before I fill my life with mistakes,
Please keep teaching the life to me

Mashhura Usmonova Zafarjon’s daughter was born on May 16, 2006 in Gallaorol district, Jizzakh region the Republic of Uzbekistan. Currently she’s 18 years old. Mashhura is a student of Samarkand State University. She has been practicing writing poetry since she was 10 years old. Now, she is the author of about 100 poems. She is a member of international organizations in Egypt, Indonesia, Pakistan, Argentina, and India. Her poems are regularly published in newspapers and magazines such as “Mushtum”, “Gulkhan”, “Guncha”, “Bilimdon”, “Tong yulduzi”, “Nazm gulshani”, “Ezgulik”, “Kelajak bunyodkori” and “Gallaorol ovozi”. She makes creative performances on Uzbekitan24, Sevimli, MY5, Bolajon, JizzakhTV television and radio channels. In addition, her works have been published in book collections in the USA, Azerbaijan, Turkey,
and Great Britain. She’s the winner of more than 30 republican contests. She likes to read books and travel. Her future goal is to become a philologist.

Haiku Pokes

night edging in

ache of tall buildings

hugging those inside

taking chances

homeless venturing out

looking for kind words

eye in the sky

teardrops cleansing

the whole world

playing the guitar

quiet strokes soothing

pit of the city

numb this night

world sinking into itself

the last seizure 

waiting

for the snap of time

when we wake up

little dancer

not knowing when she grows up

taking chances

young artist

only a moment smiling

a cartoon face

breaking news

splitting the world

in half

wind whispering

circling the globe

in a chokehold

at the doorstep

a new day

careful footing

Stephen Jarrell Williams can be found on X (Twitter) @papapoet.  He has been published here and there and where the light still glows.