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International Banks Aim to Combat Corruption

On February 18, heads of top international financial firms that give financial advice, grants and loans to developing countries have joined hands to battle with corruption. Inter-American Development Bank, European Bank for Reconstruction and Development, African Development Bank, European Investment Bank, Asian Development Bank, World Bank, and International Monetary Fund have proclaimed that they have reached a consensus to adopt extensive strategies and procedures that is essential for dealing with the evils of corruption.These financial organizations have concurred that there is a necessity to have a uniform meaning of corruption, a consistent set of laws and measures in investigating cases of corruption, a stronger sharing of needed information, and support to an institution's enforcement and compliance moves.

They also decided to put together a team that will be reporting every two months regarding the development of a standardized framework to thwart and fight corruption and fraud, which aims to end with an agreement in the World Bank and International Money Fund's meeting in September of every year. They will also generate suggestions that could aid nations in reinforcing their capability to battle with corruption, and advance collaboration with the civil sector and other organizations, like the judiciary and the media, to develop accountability and transparency.Last year, a study conducted by Transparency International claims that corruption has increased in a greater number of nations around the globe. In their survey, half of the respondents in 13 nations, namely Costa Rica, Ecuador, Israel, Nicaragua, Panama, Peru, Venezuela, Bolivia, Dominican Republic, India, Nigeria, Paraguay, and the Philippines, rose during the last 3 years.

Bribery is also widespread in Eastern Europe, Latin America, and African nations, such as Ghanam, Nigeria, and Cameroon.In another survey by the same group, Chad, Burma, Bangladesh, Turkmenistan, and Haiti were named as the major countries in the world plagued with corruption.Earlier this month, the abovementioned group conducted a study, which showed that corruption in medical services is still a predicament in countries worldwide. The world's annual expenditures on medical services are $3 trillion, and 5% of medical funds is presumed to be lost.

To address the issue of corruption, various laws have been formulated worldwide. The United Nations Convention Against Corruption was created in 2005 to preserve the global laws to track down plundered wealth sent abroad. The UK government is asking for stricter rules on the earnings from corruption. Their metropolitan police has also taken action to fortify activities against corruption.


By Vasily Klimko http://TOBOC.com - leading importers exporters directory.

By: Vasily Klimko

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