Transparency International (TI), the global anti-corruption organisation, today welcomed the Group of 20’s recognition of a need for swift anti-corruption action in its Toronto Summit communiqué.
“For the last two years, our movement has been calling for reforms that put transparency and accountability front and centre. The G20 leaders have sent an unequivocal signal that a sound financial system hinges on strong measures to prevent corruption,” said Huguette Labelle, Chair of Transparency International.
With its particular emphasis on transparency in the international financial system and anti-money laundering, the statement by Summit leaders states that, “corruption threatens the integrity of markets, undermines fair competition, distorts resource allocation, destroys public trust and undermines the rule of law.”
Another welcome development is the G20’s commitment to the ratification and full implementation of the UN Convention against Corruption by all G20 members. The convention is the most comprehensive global legal framework that sets standards and requirements for preventing, detecting, investigating and sanctioning corruption. TI and its more than 90 chapters around the world will continue to monitor the implementation of this landmark international treaty, in line with the role set out for civil society according to the convention.
TI welcomes steps outlined to address systemically important financial institutions, tasking the Financial Stability Board with developing concrete policy recommendations to ensure more “intensive supervision” and “mechanisms to encourage market discipline”. Nonetheless, public reporting is necessary on the management of issues associated with systematically important financial institutions. Citizens have a right to know what is being done to assess these risks.
From now to the Seoul Summit in November 2010, G20 leaders have committed to a series of mutual assessment and peer reviews to assess country progress in reforms for sustainable growth and to identify concrete actions needed. “It is essential that assessments leading to any action plans be made public. Only then, will civil society organisations be able to analyse the adequacy of such action plans”, said Labelle.
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