The first global anti-corruption summit in London has initiated several measures to combat corruption. These chime with global leader’s determination in the fight but implementation is not easy.
British Prime Minister David Cameron told the summit that corruption has been in every corner of the world and become a global problem.
The International Monetary Fund warned of increasing social and economic losses due to corruption, tantamount to 2% of global GDP or US$2 trillion a year. Indirect consequences are no less serious, including slow economic progress and income inequality.
Prime Minister Cameron listed solution to increase transparency, including disclosure of real owners of foreign assets in Britain and those participating in bidding for British government procurement contracts.
He hoped that the new measures to take effect next month will prevent money laundering and illegal transportation of ill gotten proceeds.
Representatives of 40 participating countries pledged to prosecute culprits and accomplices while protecting informants.
Britain, France, the Netherlands, Afghanistan and Kenya committed to publicized registration of shell companies’ owners while Australia, New Zealand, Indonesia, Georgia, Ireland and Norway said they would contemplate their commitment.
An international center to combat corruption was set up with members from the US, Switzerland, Canada, Australia, New Zealand and Interpol.
Many other participants did not make firm commitments as recommended by Prime Minister Cameron. Only 6 countries agreed to disclose true owners of offshore companies in host countries despite its effective impact to prevent corruption.
Corruption has been the most serious world problem, require transnational efforts to uproot.
