Corruption watch

An increasing level of fraud in the private sector, often by trusted company officials, and growing malfeasance in the public sector are a major concern for the Barbados Chamber of Commerce & Industry (BCCI).
Executive director Lisa Gale said the BCCI had taken the initiative last month of sourcing an expert fraud examiner and investigator to help local businesses pinpoint just where and how company funds could be siphoned.
“We are aware of an increasing incidence of reported fraud and we also know that there are cases that are not being reported to police,” Gale told BARBADOS BUSINESS AUTHORITY.
She said Allen Brown, one of the world’s foremost fraud experts whom the BCCI sought out to address the problem, showed companies how some fraud schemes were committed and presented important case studies.
“We know that businesses have been losing millions over the years to this type of activity,” she pointed out.
On the public sector side, Gale lamented that several Auditor General reports over the years had highlighted cases of misuse of public funds for which people had not been held accountable.
“Accountability has to be the watchword as we go forward,” she insisted.