We need more than words to tackle corruption

11 May, 2016

Sir, Government representatives from around the world will gather in London on May 12 for the Anti-Corruption Summit. This is a summit that must result in more than just words.

We, as leaders from business and civil society, are setting out substantial and specific actions required to meet the challenge posed by corruption.

The ongoing release of data in the so-called Panama Papers is just the latest demonstration of how the international financial system is abused. Corruption and corporate secrecy are damaging for business and are a tremendous drain on global development — squandering resources which could otherwise be used to build schools, health clinics, roads and bridges or to deliver vital social services.

Tackling corruption requires a true partnership between business, civil society and governments. Today, more than 50 business and civil society leaders from around the world are issuing an Anti-Corruption Manifesto that provides Summit participants with clear proposals to drive out corruption.

Governments should establish public beneficial ownership transparency over companies and close down corporate secrecy as a tool for the corrupt. They should establish a more level playing-field in business markets and open up government contracting so that citizens and businesses can follow a clear public record of how their money was spent. Governments should also use the summit to end impunity for the corrupt who escape justice for their actions in their own countries and they should take concrete steps to support whistleblowers who stand up against corruption.

The business case for action is compelling. Corruption distorts markets and a lack of rule of law undermines investment. Ending opportunities to rely on anonymous companies will reduce business risk, by allowing companies to identify and manage supply chain risks when dealing with third parties. Opening up government contracting reduces opportunities for corruption and ensures fairer competition for large-scale projects and government procurement. Transparency will help investors and analysts better assess the risk.

Among our group are business leaders, who are taking concrete action to open up and reveal their corporate structures, and civil society leaders, who are at the forefront of improving governance and accountability in their countries. But we can only go so far. We need governments to supplement our efforts with enabling policies and regulations.

We call on governments convening tomorrow to take the necessary steps to tackle corruption, to make specific and time-bound commitments and to seize the opportunity of the Summit. They must provide more than words.

Trustee, Transparency International UK