Paper type: Essay Pages: 3 (621 words)
Corruption is a substantial danger to global growth and monetary stability. Corruption damages public trust, weakens the rule of law, skews competitors, impedes cross-border financial investment and trade, and distorts resource allotment. As a group of the world’s largest economies, the G20 is continuing to battle corruption and ease its unfavorable effect on financial activity. There are practical steps that all G20 members can require to lower the expenses of corruption for growth and advancement. In 2014, the G20 established top-level principles on advantageous ownership transparency to enhance the openness of company ownership and control.
This will support a stronger investment environment and will likewise safeguard establishing nations from losing further profits.
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 substantial unfavorable effect of corruption on financial development, trade and development. Considering that 2010, the work of the ACWG has been directed by two-year action plans that include commitments by G20 countries to validate and carry out the United Nations Convention against Corruption, criminalise and prosecute foreign bribery, and work together with other countries to examine, prosecute and return the earnings of corruption.
The G20 restores its pledge to completely execute actions agreed in previous action plans. In 2014, the ACWG held 3 conferences:.
A high priority for the G20 in 2014 is the efficient application 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 complete a self-assessment of their domestic foreign bribery frameworks, and to provide annual updates (see 2014 self-assessments by country) to the ACWG on their progress as part of the annual ACWG Accountability Report questionnaire the development of the G20 High-Level Principles on Corruption and Growth (2014) resulting from a continuing study on the impact of corruption on growth, led by the Organisation for Economic Development and Co-operation (OECD) development of the G20 Compendium of Good Practices for Integrity in Public Procurement (2014) development of the G20 Guiding Principles on Enforcement of the Foreign Bribery Offence (2013) and note development of the G20 Guiding Principles to Combat Solicitation (2013) and note development of the G20 High-Level Principles on Mutual Legal Assistance (2013) and note development of the Requesting Mutual Legal Assistance In Criminal Matters from G20 Countries (2012) development of the G20 Asset Recovery Guides (by country) (2014).
At the 16-17 October ACWG meeting, the Group reached agreement on the 2015-16 G20 Anti-Corruption Action Plan. The plan will guide the G20 Anti-Corruption Agenda following the completion of the current Action Plan. The ACWG has also agreed to a 2015-16 G20 Anti-Corruption Implementation Plan, which provides a detailed outline of the Group’s work program for 2015-16. Leaders endorsed the 2015-16 Action Plan at the G20 Leaders’ Summit in Brisbane in November 2014. The ACWG works closely with G20 engagement groups, including representatives of business and civil society, in implementing the G20 Anti-Corruption Agenda. In 2014, the G20 Engagement Groups have participated in every meeting of the ACWG. The G20 Anti-Corruption Roundtable in February brought together representatives of G20 engagement groups and the ACWG to discuss the future G20 Anti-Corruption Agenda.
The Roundtable opening address was delivered by Australia’s Attorney-General Senator the Hon George Brandis QC. Another forum, the OECD-G20 High-Level Anti-Corruption Conference for Governments and Business in June , also involved representatives of G20 engagement groups. In addition, the B20 has recently established the Collective Action Hub, a collaborative anti-corruption information sharing forum for businesses and governments. Resources from the Anti-corruption Working Group are available on the Current Presidency page of the G20 Official Resources library.
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Fighting Corruption. (2016, Jun 14). Retrieved from https://studymoose.com/fighting-corruption-essay