G8: Time to back up public commitments

Transparency International welcomes the 12 principles for a strong, fair and clean economy on the table in l’Aquila as long as they include strong monitoring mechanisms for effective implementation

On the OECD 12 principles for a strong, fair and clean economy, we would urge G-8 leaders to put into practice the effective monitoring of the implementation of these principles and standards on a regular basis as stated in principle 1:

A strong, fair and clean economy must be based on the values of propriety, integrity and transparency. These values should be promoted by public policies and be upheld by business. Effective monitoring of the implementation of these principles and standards should be undertaken on a regular basis.

The 12 principles are grounded on the conviction that a strong, fair and clean economy must be based on the values of propriety, integrity and transparency and that these values should be promoted by public policies and be upheld by business. The principles include stronger accountability mechanisms in business and increased transparency of financial structures to prevent them being abused for money laundering and bribery. Furthermore, they demand that bribery, including bribery in international business transactions, should be established as a criminal offence and effectively prosecuted and punished and that money laundering should be criminalised.

We expect and demand this Summit to be a Summit of Accountability. If G8 leaders want to remain credible, it is time for the G8 to back up their public commitments by setting specific benchmarks and time tables for future action. The G20 Action Plan supported by periodic reports on specific progress provides an excellent example of the kind of action needed from the G8.