For Immediate Release
Office of the Press Secretary
June 10, 2004
Fighting Corruption Fact Sheet
Fact Sheet: Fighting Corruption and Improving Transparency
Presidential Action
President Bush and the Other G-8 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.
G-8 Action: The World Bank has identified corruption as
"the single greatest obstacle to economic and social development." The
G-8 are determined to roll back corruption. Building on the G-8
Anti-Corruption and Transparency Action Plan, the G-8 Leaders agreed to
four transparency compacts through which G-8 participants will:
- Provide technical assistance to partner countries and
support their efforts to combat corruption and increase
transparency;
- Work with countries to develop action plans to
achieve measurable results in fighting corruption;
- Work
with these four governments to meet the specific needs and
priorities of each country; and
- Enlist the support of
private companies, civil society, and international institutions,
such as the World Bank, to enhance public financial management and
accounting.
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 G-8 Initiatives: The G-8 recently has taken
additional actions to promote transparency. Specifically, the G-8:
- Launched a new initiative to help states detect, recover and
return the assets stolen by corrupt official;
- Strengthened OECD monitoring of the Anti-Bribery Convention;
and
- Remains committed to the Financial Action Task Force
(FATF) and is working to implement the U.N. Transnational Organized
Crime Convention (TOC).
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