Global economic crime and fraud survey 2018 Namibia

The dawn of proactivity - get on board or get left behind

Reported economic crime in Namibia; cost and accountability concerns rising

• 53% of Namibian organisations have experienced economic crime;
• CEO and board increasingly being held accountable for economic crime;
• Only 20% of respondents have conducted an anti-bribery/anti-corruption risk assessment;
• 18% of organisations have spent between twice and ten times as much on investigations as the original amount lost to economic crime.

Namibian organisations that have experienced economic crime is now at 53%. In this regard South Africa is number one globally at 77%, followed in second place by Kenya (75%), and thirdly France (71%). Half of the top ten countries who reported economic crime are coming from Africa. South African organisations continued to report the highest instances of economic crime in the world with economic crime reaching its highest level over the past decade, according to PwC’s biennial Global Economic Crime Survey that was recently released.

The Global Economic Crime and Fraud Survey examines over 7200 respondents from 123 countries, of which 68 were from Namibia.