Wednesday 2 December, 2020

Cayman ranks 98 out of 200 countries for Corporate Bribery

The Cayman Islands has ranked number 98 in a list that ranks 200 countries based on business and corporate-related bribery.

The Trace Anti-Bribery Risk Matrix gave Cayman a score of 52, which puts it on equal footing with Kenya, Tunisia, and Hungary. To provide more perspective, Brazil received a score of 53 and Saudi Arabia received a score of 51 (the lower the number, the better the rating).

Within the Caribbean region, Cayman placed number 11 out of 17 countries with neighbours Jamaica scoring 41 and Bahamas scoring 48 - which means that they fared better in the rankings.

The average global score was 51, placing Cayman slightly below average with a “moderate” rating.

Scores were based on a weighted index of the following variables:

1. Business Interactions with the Government

2. Anti-Bribery Deterrence and Enforcement

3. Government and Civil Service Transparency

4. Capacity for Civil Society Oversight

Cayman achieved its poorest ranking on “business interactions with government”, where it gained a score of 86 (the higher the score, the worse the rating). This variable measures the frequency with which businesses interact with government officials, and the opportunity or potential for bribes as such.

That said, Cayman got its best score of 19 for the variable “anti-bribery deterrence and enforcement.”

With legislation such as the Anti-corruption Law, the Ombudsman Law, Public Authorities Law, Whistleblower Protection Law and the Freedom of Information Law, Cayman is working to curtail corruption; however, this most recent ranking shows a decline from last year when Cayman received a score of 47 and was in 95th place.

Get the latest local and international news straight to your mobile phone for free: