G8 Gleneagles Africa Statement

Sectors : Economic governance and public finance management, Economic governance, corruption and crime
Organisation : G8
Date made: 
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Commitments in: Governance - Economic governance, corruption and crime

“14. …We will:

…(b) Support greater transparency in public financial management, including revenues, budgets and expenditure, licences, procurement and public concessions, including through increased support to capacity building in those African countries that are taking credible action against corruption and increasing transparency and accountability.

(c) Support African partners in signing and ratifying the African Union Convention on Preventing and Combating Corruption and provide support towards the implementation of the AU Convention.

(d) As part of our work to combat corruption and promote transparency, increase support to the Extractive Industries Transparency Initiative and countries implementing EITI, including through financial and technical measures. We call on African resource-rich countries to implement EITI or similar principles of transparency and on the World Bank, IMF and regional development banks to support them. We support the development of appropriate criteria for validating EITI implementation. Transparency should be extended to other sectors, as the G8 is doing in pilot projects…

… (f) Work vigorously for early ratification of the UN Convention Against Corruption and start discussions on mechanisms to ensure its effective implementation. Work to establish effective mechanisms, consistent with the provisions of UNCAC and previous G8 commitments, within our own administrations for the recovery of assets, including those stolen through corruption, taking into account final disposal of confiscated property where appropriate, and to return assets to their legitimate owners. We encourage all countries to promulgate rules to deny entry and safe haven, when appropriate, to officials and individuals found guilty of public corruption,
those who corrupt them, and their assets.

(g) To further protect the international financial system from illicit corruption proceeds, we encourage all countries to require enhanced due diligence for financial transactions involving politically exposed persons. In addition, we urge all countries to comply with UN Security Council resolution 1532 to identify and freeze the assets of designated persons.

(h) Reduce bribery by the private sector by rigorously enforcing laws against the bribery of foreign public officials, including prosecuting those engaged in bribery; strengthening anti-bribery requirements for those applying for export credits and credit guarantees, and continuing our support for peer review, in line with the OECD Convention; encouraging companies to adopt anti-bribery compliance programmes and report solicitations of bribery; and by committing to co-operate with African governments to ensure the prosecution of those engaged in bribery and bribe solicitation.

(i) Take concrete steps to protect financial markets from criminal abuse, including bribery and corruption, by pressing all financial centres to obtain and implement the highest international standards of transparency and exchange of information. We will continue to support Financial Stability Forums ongoing work to promote and review progress on the implementation of international standards, particularly the new process concerning offshore financial centres that was agreed in March 2005, and the OECD’s high standards in favour of transparency and exchange of information in all tax matters.”