UN reports on corruption costs

The United Nations (UN) is reporting that political corruption costs governments about $1.6 trillion annually.



It said the money is often lost in public assets moved across borders via money laundering or undeclared holdings.



The figure comes as the UN, World Bank and other watchdog agencies meet in Doha, Qatar, to try to discuss a 4-year-old anti-corruption agreement.



Countries such as China, Iran and Russia are resisting reviews into their country’s finances.



Two previous summits have failed to expand the powers of the UN\'s anti-corruption convention.



There is also disagreement over how best to implement the tracking of money, because of tax havens and secret banking codes in some nations.



Ngozi Okonjo-Iweala, the Managing Director of the World Bank said he is hoping for some amount of action after the discussions.