India’s ratification of UN convention against corruption welcomedMay 14th, 2011 - 1:04 pm ICT by IANS
Washington, May 14 (IANS) India’s announcement that it had ratified the United Nations Convention Against Corruption (UNCAC) has been welcomed as a “significant step”.
“India has taken a significant step forward both in its own efforts to stamp out corruption and in supporting broader international efforts to increase transparency in the global financial system,” the Task Force on Financial Integrity and Economic Development has said.
Building upon India becoming a member of the Task Force in January of this year, the ratification comes as part of a broader effort by India’s government to tackle corruption and stem the flow of illicit capital flight estimated at approximately $19 billion per year, the group said Friday.
“The UN convention is the only legally binding international agreement targeting corruption,” said Raymond Baker, director of Global Financial Integrity (GFI), the officiating member of the Task Force.
The convention is currently signed by 140 countries, though many have yet to ratify it.
The Convention commits signatories to tackle corruption internally through criminalisation and proactive measures and comprehensively through cooperation in asset recovery and information sharing with other countries.
- Analysis and outcome of Toronto G-20 summit - Jul 01, 2010
- Mexico lost $872 bn to illegal capital flight: Study - Jan 31, 2012
- India lost 462 bln dollars through tax evasion, crime and corruption since 1948: Report - Nov 19, 2010
- Bill introduced to tackle bribery by foreigners - Mar 25, 2011
- Rampant corruption siphoning out funds from India - Sep 14, 2010
- India's corrupt siphoned out $125 bn in eight years: Report (Lead) - Sep 14, 2010
- India urged to ratify international anti-graft accord - Nov 04, 2009
- G-20 Summit Declaration - Jun 20, 2012
- India's lost $128 bn in illicit capital outflow in a decade - Dec 15, 2011
- Developing nations losing 100 bln dollars annually through trade mispricing: Report - Feb 13, 2010
- India ratifies UN charter against corruption (Lead) - May 13, 2011
- CVC for global cooperation in fighting corruption - Jul 07, 2012
- File cases in foreign black money case, demands Advani (Lead) - Feb 01, 2011
- India ratifies UN convention against corruption - May 12, 2011
- India ratifies UN Convention against Organised Crime - May 13, 2011
Tags: asset recovery, capital flight, cooperation, economic development, financial integrity, global financial system, India, information sharing, international efforts, proactive measures, ratification, raymond baker, signatories, task force, transparency, uncac, united nations, united nations convention against corruption