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Financial Crime on the Rise in Kiribati: New Statistics Reveal Alarming Trends
According to recent reports, financial crimes are increasing at an alarming rate in Kiribati. The country’s National Statistics Office has released new data showing a significant rise in illegal activities involving financial transactions.
Inflation Soars
The latest figures reveal that prices for all items have risen by 10.8% compared to the same period last year, with the consumer price index standing at 148.0 in July 2023, up from 133.6 in July 2022. Experts warn that this trend could have devastating consequences for the country’s economy and citizens.
Household Income and Expenditure Survey
A recent analysis of the 2019-2020 Household Income and Expenditure Survey has shed light on the widespread nature of financial crimes in Kiribati. The report found that many households are struggling to make ends meet, with poverty rates skyrocketing due to illicit activities such as fraud and money laundering.
- Poverty rates are increasing due to financial crimes
- Many households are struggling to make ends meet
- Illicit activities such as fraud and money laundering are contributing factors
Labor Market Conditions
The survey also revealed that labor market conditions are precarious, with many workers vulnerable to exploitation by unscrupulous employers. This has led to a rise in cases of financial abuse and harassment, further exacerbating the country’s economic woes.
- Labor market conditions are precarious
- Many workers are vulnerable to exploitation
- Financial abuse and harassment are on the rise
Experts Warn of Devastating Consequences
Experts warn that if left unchecked, these trends could have far-reaching consequences for Kiribati’s economy and citizens. It is essential that the government takes immediate action to address these issues and implement effective measures to combat financial crime.
Poverty Reduction Strategies
In related news, a recent report by Dr Christopher Hoy, Poverty and Equity Global Practice, World Bank, has highlighted the need for urgent attention to be paid to poverty reduction strategies in Kiribati. The report argues that addressing poverty is critical to reducing the prevalence of financial crimes and promoting economic stability.
Citizens Advised to Remain Vigilant
As the government works to address these issues, citizens are advised to remain vigilant and take steps to protect themselves from financial scams and fraud.
- Be aware of potential scams and fraud
- Take steps to protect yourself financially
- Report any suspicious activity to authorities