Saturday, May 14, 2016

The need to establish an international anti-corruption center urgently

With the anti-corruption summit hosted by PM Cameron in the UK and the Sri Lankan President’s participation, the request as reported in an LBO page today, brings to the fore, the need for international cooperation, especially in view of much of the proceeds of international big time corruption, ending in the economies or the developed Western World for want of a better word.

Just think rationally the world is full of rich crooks making money on cross border deals and accounts and moving assets here and there, losing traceability. The US on the other hand is the toughest especially on its own citizens in keeping a tab on the movement of their wealth, forcing banks ALL OVER THE WORLD to report ALL transactions entered into by them, so that they all can be captured, investigated and prosecuted. In that context the US citizen suffers the most in business deals, as they cannot technically even pay a bribe, when the rest of the world is happily doing to so for the benefit of their own businesses and their economies.

Frankly it is a level playing field in this aspect that we are all looking for, so that each citizen has the best chance of being served with the best product that money can buy, to benefit his quality of life, rather than the power brokers of is Country making investment decisions on products and services that are NOT the best, but due to bribery and corruption, a huge cost is borne by innocent people due to the action of others for personal interest over the public good.

Due to the sophisticated methods of crime, and proceeds of crime and the spread of drugs as another source of funds being transferred under the radar by dubious means, it is increasingly difficult to get a grip on the true extent of the problem.

If we just take Sri Lanka in isolation, an island nation, open to all sorts of crime from outside, and some say even a transshipment hub for the international drug trade, our citizens are openly being challenged into being addicted to hard drugs, which spells disaster whichever way you look at it.

Why this should be outside the ambit of the UN is another question one might ask, but is clear that the UN has become an unwieldy behemoth and this requires a more independent jurisdiction similar to the ICC. Of course one should start it immediately and open it to all Countries to join when they are ready to adhere to the rules that govern this organization.  

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