Fighting Corruption and Improving Transparency
June 10, 2004
President Bush and the other G8 Leaders launched four transparency compacts with the Republic of Georgia, Nicaragua, Nigeria, and Peru to provide assistance in achieving high standards of transparency in public financial management, procurement, the letting of public concessions, and the granting of licenses.
G8 Action: The World Bank has identified corruption as "the single greatest obstacle to economic and social development." The G8 are determined to roll back corruption. Building on the G8 Anti-Corruption and Transparency Action Plan, the G8 Leaders agreed to four transparency compacts through which G8 participants will:
U.S. Actions: The U.S. has taken the lead in the global fight against corruption. On January 12, 2004, President Bush issued a proclamation to deny entry into the United States of corrupt foreign officials, their dependents, and those who corrupt them. The U.S. also led international efforts to gain agreement on the U.N. Convention Against Corruption.
Other G8 Initiatives: The G8 recently has taken additional actions to promote transparency. Specifically, the G8:
For the full G8 document on this issue, please click here
Source: Official G8 Sea Island site