• Assessing and Minimizing Customs-Related Corruption Risk in Sub-Saharan Africa’s Ports
  • November 28, 2017 | Author: Herbert Igbanugo
  • Law Firm: Igbanugo Partners International Law Firm, LLC - Minneapolis Office
  • As many Western nations in the Americas and Europe struggle to climb out of a seemingly endless economic recession, Sub-Saharan African (“SSA”) nations, over the past few years, have experienced steady growth in their various economies. The steady and substantial increase of maritime cargo over the past decade in SSA also serves as a reflection of this economic growth. Outdated, inefficient ports, however, continue to hinder burgeoning trade in the region. Moreover, bribery and corruption at these ports inflict significant economic loss upon both the African countries and business entities involved in the maritime transaction flowing through the region. Additionally, with the U.S. Foreign Corrupt Practices Act (“FCPA”) enforcement on the rise in the U.S., the risks involved in doing business with corrupt entities could cost a company millions in lost revenue, fines and penalties.