World fraud champs
Economic crimes of over $100m most rampant in SA
SOUTH Africa is the world leader in money-laundering, bribery and corruption, procurement fraud, asset misappropriation and cybercrime.
For the first time in nine years, the prevalence of economic crime is on the increase in South Africa.
And, according to the Institute of Accountability, the spread of corruption is directly linked to the demise in 2009 of the corruptionbusting Scorpions, which were replaced by the police’s Hawks.
The PricewaterhouseCoopers South African edition of the Global Economic Crime Survey, released yesterday, fingers senior managers as the No 1 culprit driving the “mind-boggling” theft.
The report revealed that 77% of all internal fraud was committed by senior and middle management.
The primary motivation for senior managers was greed, while junior management tended to commit these crimes because they perceived injustice.
77% of internal fraud committed by senior and middle managers