In the last years, there has been renewed commitment from governments from all parts of the world to implement tougher regulation on regulatory compliance across industries. In its study of “conduct costs” – the London School of Economics found that ten world-leading banks racked up fines of £150 billion.
The Washington-based and widely-respected Brookings Institute, at its latest roundtable on doing business in Africa, concluded that African governments consider local content regulation and taxation as key instruments to reach sustainable and inclusive growth. This is set against a background of 54 diverse African jurisdictions and consistent economic growth and an increase in the reporting of economic crime in Africa to 57% (PWC, Global Economic Crime Survey 2016).