G-20 pledges to raise global cooperation to combat corruption

The G-20 Summit on Friday pledged to share information and increase international cooperation to combat the menace of corruption.

St. Petersburg (Russia): The G-20 Summit on Friday pledged to share information and increase international cooperation to combat the menace of corruption.

"We will continue to develop and strengthen frameworks to facilitate cooperation among G-20 member-countries in the fight against corruption," the G-20 Leaders` Declaration said.

"We have established a G-20 network to share information and cooperate in order to deny entry to our countries by corrupt officials and those who corrupt them, in accordance with national laws and regulations," it said.

To enhance international collaboration in the investigation and prosecution of corruption offences as well as in the recovery of proceeds of corruption, the heads of 20 developed and developing nations endorsed the High-Level Principles on Mutual Legal Assistance.

Noting that corruption severely impedes sustainable economic growth and poverty reduction, it said this "can threaten financial stability and the economy as a whole."

Corruption is corrosive, destroying public trust, distorting the allocation of resources and undermining the rule of law, it said.

The leaders reiterated the determination to combat domestic and foreign bribery, as well as solicitation, and to endorse the non-binding `Guiding Principles on Enforcement of the Foreign Bribery Offence and the Guiding Principles to Combat Solicitation.`

PTI

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