WASHINGTON, DC – The Task Force on Financial Integrity and Economic Development (Task Force) welcomed India’s announcement Thursday that it had ratified the United Nations Convention Against Corruption (UNCAC). Building upon India becoming a member of the Task Force in January of this year, the ratification comes as part of a broader effort by India’s government to tackle corruption and stem the flow of illicit capital flight estimated at approximately $19 billion per year.

“The UN convention is the only legally binding international agreement targeting corruption,” said Raymond Baker, director of Global Financial Integrity (GFI), the officiating member of the Task Force. “India has taken a significant step forward both in its own efforts to stamp out corruption and in supporting broader international efforts to increase transparency in the global financial system.”

The convention is currently signed by 140 countries, though many have yet to ratify it. The Convention commits signatories to tackle corruption internally through criminalization and proactive measures and comprehensively through cooperation in asset recovery and information sharing with other countries.

Click here for more information on the UNCAC.

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Contact:

Monique Perry Danziger
mdanziger@gfip.org
+1 202.293.0740 ext. 222

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The Task Force on Financial Integrity and Economic Development addresses inequalities in the global financial system that penalize billions of people, and advocates for improved transparency and accountability.

For additional information please visit http://www.financialtaskforce.org.

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This entry was posted on Friday, May 13th, 2011 at 5:48 pm and is filed under Media, Press Releases.