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Saudi Arabia, South Korea Sign MoU on Combating Cross-Border Crimes Related to Corruption

The officials sign the MoU in Riyadh. (SPA)
The officials sign the MoU in Riyadh. (SPA)
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Saudi Arabia, South Korea Sign MoU on Combating Cross-Border Crimes Related to Corruption

The officials sign the MoU in Riyadh. (SPA)
The officials sign the MoU in Riyadh. (SPA)

President of Saudi Arabia’s Oversight and Anti-Corruption Authority Mazin bin Ibrahim Al-Kahmous and South Korea’s Prosecutor General Lee One-seok signed in Riyadh on Sunday a memorandum of understanding for cooperation in combating cross-border crimes related to corruption, and to develop and strengthen institutional capacity of both sides.

The signing took place during a meeting between Al-Kahmous and Lee during which they held discussions on cooperation, sharing experiences and other matters of mutual interest.

The Kingdom's notable accomplishments in safeguarding integrity and combating corruption, as well as South Korea's experience in the field were presented at the meeting.

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Geopolitical Strife Could Cost Global Economy $14.5 Trln Over 5 Years

09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa
09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa
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Geopolitical Strife Could Cost Global Economy $14.5 Trln Over 5 Years

09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa
09 October 2024, Palestinian Territories, Gaza City: A general view of buildings damaged by Israeli strikes. Photo: Mahmoud Issa/Quds Net News via ZUMA Press/dpa

The global economy could face losses of $14.5 trillion over a five-year period from a hypothetical geopolitical conflict which hits supply chains, insurance market Lloyd's of London said on Wednesday.

The economic impact would result from severe damage to infrastructure in the conflict region and the potential for compromised shipping lanes, Lloyd's said in a statement.

Wars in Ukraine and Gaza have already disturbed shipping routes in the Black Sea and Red Sea.

"With more than 80% of the world's imports and exports – around 11 billion tons of goods – at sea at any given time, the closure of major trade routes due to a geopolitical conflict is one of the greatest threats to the resources needed for a resilient economy," Lloyd's said.

The possibility of such a geopolitical conflict was a systemic - or low likelihood but high impact - risk, Lloyd's said.

Lloyd's said it has also researched other potential systemic risks in partnership with the Cambridge Centre for Risk Studies, including cyber attacks and extreme weather events.