Fraud costs Turkey $40 billion a year

Turkey loses about $40 billion a year to fraud, Hürriyet Daily News reported on Friday.

The figure is based on global calculations that estimate nearly $4 trillion disappears annually from the global economy, said Fikret Sebilcioğlu, an executive board member of the Ethics and Reputation Society (TEİD), according to Hürriyet.

“Fraud is a global problem,” There are millions of business and government organisations operating throughout the world and every one of them, in some way, is vulnerable or potentially vulnerable to fraud committed by their employees,” he said.

Turkey ranked 81st of 165 countries in Transparency International’s 2017 Corruption Perceptions Index, equal with India, Ghana and Morocco. The report was published in February.

“TEİD believes that fraud awareness and anti-fraud training are important elements of the internal control system and ethics and compliance programs,” Sebilcioğlu said.