St Petersburg, July 16, 2006
We, the Leaders of the G8, renew our commitment to fight corruption, in particular at the highest levels, and to improve transparency and accountability. Corruption threatens our shared agenda on global security and stability, open markets and free trade, economic prosperity, and the rule of law. We recognize the link between corruption and weak governance. We underscore our commitment to prosecute acts of corruption and to preventing corrupt holders of public office from gaining access to the fruits of their kleptocratic activities in our financial systems.
Large-scale corruption by individuals who hold senior executive, judicial, and legislative positions can have a devastating effect on democracy, the rule of law, and economic and social development. We recognize that corrupt practices contribute to the spread of organized crime and terrorism, undermine public trust in government, and destabilize economies. Corruption by holders of public office can deter foreign investment, stifle economic growth and sustainable development, and undermine legal and judicial systems. The net effect of corruption is felt most directly, and disproportionately, by the poor.
We emphasize the importance of effective preventive measures in fighting corruption. In 2003 at Evian, we noted that transparency inhibits corruption and promotes good governance, and we committed to work against corruption and the mismanagement of public resources. We have continued to promote transparency in public financial management and accountability, including by following through on our 2004 Sea Island commitment to launch four compacts, and our 2005 Gleneagles commitment to increase support for the Extractive Industries Transparency Initiative (EITI) and countries implementing it. We have committed to seek, when appropriate and in accordance with national laws, to deny entry and safe haven to public officials found guilty of corruption, enforce rigorously our anti-bribery laws, and establish procedures and controls to conduct enhanced due diligence on accounts of "politically exposed persons." Our Justice and Home Affairs Ministers have undertaken to advance recovery of the proceeds of high level large-scale corruption, taking into account final disposal of confiscated property, where appropriate, including through holding G8 regional asset recovery workshops and the creation of best practices for modalities of disposition and return of recovered assets. We maintained our commitment to implement and promote the FATF recommendations, the UN Convention on Transnational Organized Crime, and the UN Convention Against Corruption. We note the critical contribution of non-governmental organizations in the fight against corruption.
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Today, we advance our commitment against high level large-scale public corruption. We commit to:
Source: Official website of the Russian G8 presidency
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