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PwC Ranks Russia At Top Slot In Company Fraud And Corruption


A recently conducted LLP survey by PricewaterhouseCoopers has ranked Russia at top slot for white collar crimes including company frauds and extortions. The world's most fraudulent economy has done little as compared to other BRIC countries Brazil, India and China to stop such crimes during global financial crisis, the survey observed.

The recent increase in frauds is 12 per cent more from the last survey conducted in 2007.

PwC surveyed 3,000 executives from 55 countries, including 86 Russians, and found that bribery and theft across financial, energy and mining sector remained more predominant in Russia.

The firm added, “The nature of these industries means that they are particularly exposed to asset misappropriation and corruption, the two most prevalent types of economic crime.” It also expressed concern over increasing prevalence of government graft which is double than global average.

Meanwhile, Russia got 146th slot on its annual corruption list by Transparency International even countries like Zimbabwe, Pakistan and Nigeria emerged as less corrupt than Russia, reflecting the declining moral standard of employees in the country.

New Zealand, Denmark, Singapore, Sweden and Switzerland has been raked least corrupt countries in the world. while Somalia, Afghanistan, Myanmar, Iraq and Sudan got top slot in corruption, the Transparency International observed.

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