Trade & investment

ICC urges action to defeat corruption

  • 29 July 2005

ICC is concerned that very few countries have ratified the United Nations Convention Against Corruption, signed back in December 2003. It urges all countries that signed the convention in Merida, Mexico, more than 18 months ago to ratify the convention and start implementing it into national law.

ICC, the world business organization, fears that as things stand the convention is losing momentum.

Global corruption amounts to more than US $1 trillion a year, according to an estimate by the World Bank Institute. Corruption, often in the form of bribery, distorts trade, hits the poor and supports dictatorship in many countries. The ICC Commission on Anti-Corruption played an important part in the consultative process which led to the signature of the convention in 2003, and is committed to monitoring its progress by the UN and national governments.

ICC also expresses two strong concerns about the convention itself. It lacks a “confirmed monitoring system” and some articles – notably article 35, dealing with compensation for damage – could become problematic for business.

A statement by the commission about its various concerns was approved by ICC’s Executive Board, who met in Durban on 22 June.