Washington: The Task Force on Financial Integrity and Economic Development (Task Force) has welcomed India's announcement that it has ratified the United Nations Convention Against Corruption (UNCAC).
Building upon India becoming a member of the Task Force in January 2011, the ratification yesterday comes as part of a broader effort by India's government to tackle corruption and stem the flow of illicit capital flight estimated at approximately USD 19 billion per year, the Task Force said in a statement.
"The UN convention is the only legally binding international agreement targeting corruption," Raymond Baker, director of Global Financial Integrity (GFI), the officiating member of the Task Force, said.
"India has taken a significant step forward both in its own efforts to stamp out corruption and in supporting broader international efforts to increase transparency in the global financial system," he said.
The convention is currently signed by 140 countries, though many have yet to ratify it.
The Convention commits signatories to tackle corruption internally through criminalisation and proactive measures and comprehensively through cooperation in asset recovery and information sharing with other countries.