Fighting Corruption

Topics: Economic growth, Political corruption, Economic development Pages: 2 (626 words) Published: November 27, 2014
Fighting Corruption
Corruption is a significant threat to global growth and financial stability. Corruption destroys public trust, undermines the rule of law, skews competition, impedes cross-border investment and trade, and distorts resource allocation. As a group of the world’s largest economies, the G20 is continuing to fight corruption and alleviate its negative impact on economic activity.  There are practical steps that all G20 members can take to reduce the costs of corruption for growth and development. In 2014, the G20 developed high-level principles on beneficial ownership transparency to improve the transparency of company ownership and control. This will support a stronger investment climate and will also protect developing countries from losing further revenue. G20 Anti-Corruption Working Group

(Co-chairs in 2014: Australia and Italy)
G20 Leaders established the Anti-Corruption Working Group (ACWG) at the Toronto Summit in 2010 in recognition of the significant negative impact of corruption on economic growth, trade and development. Since 2010, the work of the ACWG has been guided by two-year action plans that include commitments by G20 countries to ratify and implement the United Nations Convention against Corruption, criminalise and prosecute foreign bribery, and cooperate with other countries to investigate, prosecute and return the proceeds of corruption. The G20 renews its pledge to fully implement actions agreed in previous action plans. In 2014, the ACWG held three meetings:

26-27 February, Sydney | More information
9-10 June, Rome | More information
16-18 October, Paris | More information
G20 Anti-Corruption Working Group Achievements in 2014
A high priority for the G20 in 2014 is the effective implementation and enforcement of all outstanding G20 anti‑corruption commitments. Key achievements to date include: development of the G20 High-Level Principles on Beneficial Ownership Transparency (2014) a commitment by all G20 countries to...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Article on Bribery & Corruption Essay
  • Essay on Bribery & Corruption
  • Essay on Police Corruption
  • Essay about Business Against Corruption
  • Corruption Essay
  • Corruption Research Paper
  • Corruption Essay
  • Corruption Essay

Become a StudyMode Member

Sign Up - It's Free