Calls for concrete action on corruption at G20

A GLOBAL independent anti-corruption group has urged the G20 to ensure more stringent rules are put on corrupt business activities across the developed world, amid fears the long-awaited meeting will not bring the expected results.

As Brisbane prepares to host world leaders at the G20 forum next week, Transparency International has urged the delegates to achieve concrete outcomes in a bid to tackle corruption and illicit money flows.

While Treasurer Joe Hockey has set the scene, pushing for action on international tax avoidance practices, Attorney-General George Brandis earlier this year also urged further action to identify the real beneficiaries of corrupt and criminal payments.

The meeting follows increased action in Europe, the United Kingdom and United Nations to tackle the use of offshore tax havens, shell companies and illicit money flows by corrupt officials and business figures around the world.

The UK has already pledged to create a public register of the owners of such shell companies, but while such a register was proposed for the G20 meet, Transparency International believed it was off the agenda.

TI senior advocate Maggie Murphy said while the group had hoped for a register, she believed the meeting would instead focus on creating new principles on the transparency of company ownership and control.

She said while Australian Government officials had been proactive in getting such issues on the G20 agenda, it was essential that all nations involved came to a consensus.

While specific plans have not been released, the G20 agenda lists transparency company ownership as a key issue, but without all 20 nations agreeing, no deal can be reached.


Topics:  business corruption g20

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