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From Africa Recovery, Vol.17 #4 (Janaury 2004), Watch page CORRUPTION Nearly 100 countries signed the first internationally binding global treaty against corruption at a three day UN conference in Merida, Mexico, in December. The UN Convention against Corruption now needs to be formally ratified by 30 countries to come into force. The agreement was negotiated over nearly two years by more than 125 countries and is expected to give a boost to the global fight against corruption. It contains more than 70 articles covering topics such as bribery, embezzlement, misappropriation, money-laundering, protection of whistle-blowers and cooperation among states. For the first time in international law, the treaty "makes a major breakthrough by requiring member states to return assets obtained through corruption to the country from which they were stolen," said UN Secretary-General Kofi Annan. "This is a particularly important issue for many developing countries where corrupt officials have plundered the national wealth." Corruption is considered a major impediment to development and it is estimated that hundreds of billions of dollars are lost each year in corrupt transactions. "Corruption not only distorts economic decision-making, it also deters investments, undermines competitiveness and ultimately weakens economic growth," said UN Office on Drugs and Crime Executive Director Antonio Maria Costa. Under the convention, signatories are required to adopt a
number of measures to curb corruption, including codes of conduct
and disciplinary measures for public servants and laws to criminalize
bribery and money laundering. Mr. Costa said the "convention
had teeth," in that it contains many binding aspects. This article may be freely reproduced, with attribution to
"Africa Recovery, United Nations". Africa Recovery Tel: (212) 963-6857
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