In their 2008 Accountability Report: Implementation Review of G8 Anti-Corruption Commitments, the G8 noted that corruption is a “corrosive activity” which “poses serious governance challenges and threats to the stability and security of societies, undermines the institutions and values of democracy and jeopardises sustainable development and economic prosperity. Global corruption also impedes efforts to combat international crime and terrorism.”
They acknowledged the importance of demonstrating G8 leadership by “setting examples to combat corruption and holding ourselves to the highest standards of transparency and accountability.”
However, unfortunately commitments have not translated into action yet.
In June 2009, finding the world “in the middle of the worst crisis since the Great Depression,” G8 Finance Ministers acknowledged that the ‘violation’ of basic principles of propriety, integrity and transparency “contributed to undermine international economic and financial stability,” and they underscored the importance of strengthening their commitment to these principles in the recovery.
The G8 Finance Ministers’ June 13, 2009,“Lecce Framework” notes that, despite a significant number of existing instruments related to these principles, including on bribery, trade finance, market integrity and money laundering, “in many cases, these initiatives suffer from insufficient country participation and/or commitment.”
With massive financial flows as part of the economic recovery moving rapidly through the financial system and global markets, the risk of corruption has increased exponentially. Global confidence and economic recovery depend on more than capital flows; they depend on urgent action to restore ethics and integrity in the conduct of official and commercial activity.
TI calls on the G8 to fulfil promptly their commitment to “make every effort to pursue maximum country participation and swift and resolute implementation” with respect to existing commitments, notably to:
- Strengthen enforcement of anti-bribery laws adopted pursuant to the OECD Anti-Bribery Convention;
- Strengthen requirements for export credit support to promote compliance with anti-bribery laws;
- Ratify and implement the United Nations Convention Against Corruption and support an effective review mechanism; and
- Take steps to prevent misuse of financial institutions and markets and fight money laundering by increasing transparency and strengthening oversight of capital flows and markets.
TI has called on the G8 in their 2009 Accountability Report to indicate clearly and in detail how they are taking action on these commitments, with consistent statistics across countries, and with benchmarks and timetables for future progress.