October 16, 2022
Mike J. Masoud
On June 16, 2022, I wrote an article titled “Conflict of Interests: Prevention is better than cure.” and published it on The AACI’s official blog. I stated in the said article the following:
When a person runs for public office, he must give up his private business in whatever way he thinks fits to avoid a conflict of interest. It would boost his neutrality and impartiality, as well as public confidence in his judgments. Most countries have rules that govern the problem of a public official’s conflict of interest and hold him accountable if it is not adequately disclosed.
I was shocked when I read the October 11, 2022 WSJ investigation report titled ” CAPITAL ASSETS Federal Officials Trade Stock in Companies Their Agencies Oversee“
The magnitude and depth of the conflict of interest crisis in the federal government undermines the underlying pillar of its existence: public confidence and trust in its institutions.
As stated in the WSJ investigation report referenced above, it is not enough to have laws and rules written and kept in the books. They should be put into action to achieve the objectives.
A conflict of interest occurs when an employee influences a business decision to the detriment of his employer when he has an undisclosed interest in it. The employee’s interest can be financial or non-financial. It can also be economic or uneconomic. 1
NOTES
1. Exam Unit, “Fraud and Corruption,” in Certified Anti-Corruption Manager (CACM) Review Textbook, 2022 ed. (United States of America: The Exam Unit of The American Anti-Corruption Institute LLC., January 15, 2022) pp. 232 -236.
Photo by Karolina Grabowska: https://www.pexels.com/photo/american-dollars-on-national-flag-4386437/
