Bangladesh, Aug. 28 -- The South Caucasus has long been a region of geopolitical intrigue, where the interests of great powers intersect with the struggles of small states trying to assert sovereignty and stability. Yet beneath the layers of diplomacy, shifting alliances, and promises of modernization lies a persistent obstacle: entrenched corruption and state capture. A new study by the Global Initiative Against Transnational Organized Crime (GI-TOC) sheds light on the enduring strength of informal governance systems in Armenia, Georgia, and Azerbaijan. Despite decades of political upheavals and economic reforms, the structures that enable elites to exploit state institutions for private gain remain largely intact.

The report, the secon...