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TIPS Newsletter | Sept 2025 - TI: Public Loans, Private Gains – Corruption Across the Debt Cycle

In September 2025, TI published a new report ‘Public Loans, Private Gains’, warning that soaring public debt (now over US$102 trillion globally), combined with weak governance, fuels corruption at every stage of borrowing. Many nations now spend more on debt service than on health or education, while opaque loans and hidden liabilities undermine accountability.


Corruption risks span the entire debt cycle. During contracting, undisclosed deals and bypassed oversight enable bribery and kickbacks. In management, misreported data and off-budget loans hide liabilities and divert funds. Even restructuring and debt-for-nature swaps can be exploited through secret negotiations that favour insiders and deliver little real relief.


Examples include Mozambique’s secret “tuna bond” loans that triggered default and deep social cuts; Zambia’s undisclosed borrowing that complicated debt relief; Sri Lanka’s hidden debts for unproductive projects; and Ecuador’s Galápagos swap, which reduced debt only marginally while raising governance concerns. Papua New Guinea also faces transparency gaps despite recent reforms.


TI urges borrowers and lenders to publish all loan terms, mandate anti-corruption audits, include integrity clauses in contracts, and involve civil society in oversight. Without stronger disclosure and joint accountability, public debt will remain a vehicle for private gain and a threat to economic stability.


Separately, as a reminder, TI-UK is participating in the Big Give campaign, an important and ambitious matched funding campaign that will support TI-UK in fighting for transparency, protecting elections and breaking big money's grip on politics.  Please give generously here.


Please see below the TIPS Newsletter for September 2025. We look forward to seeing you soon.


 - the TIPS team



1. Upcoming Events (register on our Events page)


TIPS | From Anti-Bribery to Cybersecurity: Confronting Emerging Risk | 28 Oct 2025 | London


TL4 | The International Arbitration and Enforcement Forum 2025 | 8 Oct 2025 | London


TL4 | Cross-Border Disputes & Investigations: Dubai Briefing | 7 Oct 2025 | Dubai



2. Recent Events


Collective Action & Compliance Innovation in Maritime Risk

 

On 16 September, the TIPS Network welcomed Cecilia Müller Torbrand and Maria Gowon of MACN, Laura Dunseath of Shell and Cormac McGarry of Control Risks.

 

Attendees heard (i) how bribery and its deleterious effects can end through public-private sector cooperation, as MACN is leading the way in; and (ii) the very real impacts of such risks on the welfare and wellbeing of crewmembers and mariners at sea and in port. Participants were impressed by the unique work MACN is doing around compliance and culture improvement, with diplomacy and data.

 

We thank Will Jenkins, TIPS Co-chair, for facilitating the session and Control Risks for kindly hosting.



3. Jobs Board


Financial Crime Officer, Investigations and Advisory, Investec, London. See here.

Corporate Intelligence Manager, Investigations & Compliance, Ernst & Young, London. See here.


4. Items of Interest


TI publications

-        Unlocking Ownership Data. See here.

TI blogs

-        ‘Failure to prevent fraud’ is here. See here.

-        Transparency International UK publishes blueprint for ending financial secrecy in British offshore centres. See here.

-        The Hillsborough Law delivers crucial long-awaited reforms. See here.

-        Amplifying women’s voices in the fight against corruption. See here.

Other items

-        Civil Society Should Have a Role in Reviewing Compliance with UNCAC. See here.

-        The Trump Administration’s Enforcement of the Foreign Corrupt Practices Act: Interim Report. See here.

-        The Global Anti-Financial Crime System is Broken. See here.

-        Bangladesh’s Missing Billions, Stolen in Plain Sight – FT Film, featuring Helen Taylor (Spotlight) and TIPS member. Watch here.

-        The Covid Contracts: Follow the Money (2025) – featuring Sue Hawley (Spotlight) and Daniel Bruce (TI-UK). Watch here.

-        Due Diligence Download – new podcast for the risk and compliance investigations community. Listen here.


5. One Minute Reads


New One Minute Reads have been uploaded to the TIPS website. Please do click the link to read more – perfect for your morning/evening WFH coffee break!



6. Focus on...


Izabelle Apostol

Intern, Crédit Agricole CIB and TIPS Mentee


Why did you get involved with the TIPS network?


I recently graduated from the University of Oxford, with a focus on anti-corruption in Russia and Eastern Europe, and joined the mentorship programme to explore different paths, apply my skills, and learn how to bridge my banking experience with long-term goals in policy and institutional reform.


Please describe your experience as part of the TIPS Network.

 

With a background in research, investigative journalism, and financial-crime compliance, TIPS has helped me connect these areas and see how public- and private-sector approaches can reinforce one another. It’s been invaluable for gaining insight, guidance, and a broader perspective on driving accountability and lasting change.


Connect with Izabelle on LinkedIn.

 
 
 
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