(MENAFN- Arab Times) The State of Kuwait has been placed in the 'high risk' category in terms of prevalence of bribery and corruption, as per the annual Corruption Risk Index (CRI) issued by the UK-based risk analysis and forecasting company Verisk Maplecroft, reports Al- Rai daily.
The company had classified 198 countries, in terms of prevalence of bribery and corruption, into four categories € low risk, medium risk, high risk and extreme risk.
Among the top 10 oil producing countries, six were under serious risk of corruption. Russia, Iraq, Iran and Mexico were placed in the 'extreme risk' category while Saudi Arabia and Kuwait were both in the 'high risk' category.
Russia witnessed worst increase in corruption within a year, falling from 24th place in 2014 to 10th in 2015. United Arab Emirates was placed in the 'medium risk' category while Canada and United States of America were placed in 'low risk' category.
The two biggest economies in Asia € China and India also pose serious risks to investors and were placed in 'high-risk' and 'extreme-risk' categories respectively. Verisk Maplecroft defines corruption as "one of the biggest above-ground risks for oil, gas and mining companies". According to the World Bank, corruption adds an estimated ten percent to the business costs globally, which is equal to $1 trillion paid in bribes.
The Social Development Sector at the Ministry of Social Affairs and Labor has communicated with its departments regarding the need to implement a program for the documentation of special data in each department, reports Al-Anba daily quoting sources. According to sources, this step signals the beginning of the automation of services in these departments; in addition to the electronic archive and linking of information. Sources said this came after the successful implementation of the same project in the Family Care Department, wherein the services have been automated through the use of a new program that links the ministry with the units in various areas.
Commercial Licenses Department in the Ministry of Commerce and Industry since the start of the year until June 15th cancelled over 720 licenses of institutions and individual activities, reports Al-Nahar daily. The daily quoting sources said most licenses that were cancelled had expired since Jan 2014 and their owners failed to renew them, although the ministry waited a whole year before their cancellation. They noted Article 11 of Law 111/2013 regarding commercial activities stipulates the cancellation of licenses that are not renewed one year after expiration, and the ministry addressed concerned authorities to take necessary action against the companies.
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