UN crime chief urges use of anti-graft treaty to restore integrity to financial system

The United Nations crime tsar today blamed shady trading for the financial crisis that rocked most of the world last year, urging governments to use an international anti-corruption treaty to outline measures to restore trust in the financial system.

The head of the UN Office on Drugs and Crime (UNODC) criticized governments for allowing the financial system lose control, as well as financiers and corporate tycoons for turning their transactions into a free-for-all game.

Speaking at the opening of a week-long meeting in Qatar of the UN Convention against Corruption, UNODC Executive Director Antonio Maria Costa urged all States to recognize a silver lining to the crisis by using the UN anti-corruption treaty as “a blueprint for restoring confidence in markets, businesses, and governments.”

The 2005 Convention, which has 141 States Parties and is overseen by UNODC, contains protective measures that apply to dealings in the public and private sectors. “Corruption is preventable, not a fact of life, or part of business,” said Mr. Costa.

One of the main issues under discussion at the Third Session of the Conference of States Parties to the Convention in Doha is the creation of a mechanism to review implementation of the treaty.

“At the moment, corruption is in the eye of the beholder – there is no way to measure it,” said Mr. Costa.

A review mechanism would enable States to analyze the effectiveness of its fight against corruption and identify where more progress is needed.

“It must be a technical inter-governmental review to measure progress, not a game of name and shame,” said Mr. Costa, calling on States to “seal the deal” on the review mechanism by the end of the meeting on Friday.

The Conference of States Parties is being attended by over 1,000 delegates from 125 countries, as well as representatives of civil society, international organizations, parliaments, the media and the private sector.