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G8 Launches Pact with Nigeria From Nneoma Ukeje-Eloagu in Washington DC President Bush and the other G-8 Leaders launched four transparency compacts with Nigeria, the Republic of Georgia, Nicaragua, 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. This comes following a report by the World Bank which identified corruption as "the single greatest obstacle to economic and social development." The G-8 therefore in their determiination to roll back corruption and building on the anti-Corruption and Transparency Action Plan, agreed to four transparency compacts. Through this pact, 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; and Work with these four governments to meet the specific needs and priorities of each country. Participants would also Enlist the support of private companies, civil society, and international institutions, such as the World Bank, to enhance public financial management and accounting. The G-8 recently took additional actions to promote transparency. These include the launch of a new initiative to help states detect, recover and return the assets stolen by corrupt official as well as the Strengthening of the OECD monitoring of the Anti-Bribery Convention. The G8 also remains committed to the Financial Action Task Force (FATF) and is working to implement the U.N. Transnational Organized Crime Convention (TOC). Actions taken by the U.S. in the global fight against corruption. Include the proclamation On January 12, 2004, by President Bush 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. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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