Taking anti-corruption campaign abroad

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Taking anti-corruption campaign abroad

 

A proposal by China to create a regional network to prevent corruption, tackle the flight of criminals across borders, and curb the flow of illegal money used to run underground economies is an important step towards fighting corruption across the globe. The significance of this policy is not only in addressing the current problems, but also in laying a foundation for future international efforts to fight corruption.

 Hiding corruption money abroad for instance is a practice that has been ignored for years, yet it is one of the corruption practices that cost Asia and Africa billions of dollars every year. The behavior has been this simple, a corrupt government official siphons public funds, wires it into a bank abroad, uses some of the money to purchase property there, and finally leaves the country. This is why China, one of the affected nations has recently   taken its  anti-corruption campaign oversees arresting over 288 fugitives in 56 countries including the United States, Canada, South Korea, and South Africa. As a result of thecampaign, about126 suspects have surrendered. Taking anti-corruption campaign abroad may help tackle corruption since some of the corruption offenders usually take refuge in foreign countries taking along with them public wealth  they acquired.

In a letter to G20 leaders, a coalition of global activists said that illegally acquired money, approximately more than one trillion dollars is siphoned every year. Of these, about $50 billion is siphoned from Africa. This money which often ends up in foreign banks abroad can be used to alleviate poverty. This corruption has been made possible because currently, there are no mechanisms in the global financial system to prevent such transactions.

In the recent past, China and Australia have formed internationalpartnerships to fight corruption for instance, investigating corruption cases, seizing assets, making arrests, and extraditing corruption fugitives in order to face prosecution. Similarly, coordinated efforts between US and France to investigate corruption cases involving Total Oil Company and Iranian government officials , which occurred between  1995 and 2004,  have finally resulted to the trial of key suspects involved.  In this case, it is alleged that total paid $ 60 million to induce an Iranian government official to help the company obtain lucrative development rights in three oil and gas fields related to the South pars.  

 

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