Annapolis: Shipping is hit by more cases of corruption than just about any other industry, Alexandra Wrage, the president and founder of anti-bribery compliance expert TRACE, says in today’s Maritime CEO interview.
“In many ways, the shipping industry is exposed to more levels of corruption than any other industry,” Wrage says, “as it is a global industry that does not have a mature anti-corruption compliance culture.
“This industry,” she continues, “is traditionally very opaque, and has only made a slow shift to greater transparency. Fraud, bribery, and other illegalities are endemic to some parts of the industry, and the world.”
Wrage, a Canadian national now living the US, is the author of Bribery and Extortion: Undermining Business, Governments and Security.
Progress is being made to tackle the scourge however, something that was recognized at the end of March when TRACE named the Maritime Anti-Corruption Network (MACN) the winner of its Innovation in Anti-Bribery Compliance Award for their success in building an industry-wide compliance culture and model that can be replicated by other industries and joint initiatives.
MACN was the first organisation to establish compliance standards for the maritime industry for tackling bribes, facilitation payments and other forms of corruption by developing and sharing best practices and collaborating with key stakeholders to develop sustainable solutions and collective actions programs.
Wrage has plenty of recommendations for how shipping firms should tackle corruption.
“Compliance must be embedded in the commercial activities that drive the shipping industry,” she concludes.