Odious Debts

Lugar begins hearing on the UN Convention Against Corruption

The chairman of the US Senate Foreign Relations Committee Dick Lugar
resided over the first hearing on the UN Convention Against Corruption
last month which had been sent by the US Administration for Senate
advice and consent.

In Sen. Lugar’s opening statement he stressed the importance of the
Convention to the United States’ national security and socioeconomic
development internationally.

“Corruption has been a major concern of this Committee,” he said. “The
World Bank has identified corruption as ‘the single greatest obstacle
to economic and social development.

“The ratification of the Corruption Convention might not prevent a
specific foreign official from taking a particular bribe,” he
continued. “But fundamental US national security interests
demand that the United States work hard to establish a global climate
of intolerance for corruption and bribery.

“We do not want to give global economic competitors any excuse to fail
to adopt the strong anti-corruption laws that already prevail in our
country. We want nations that are in direct competition with us to
ratify this convention so that their legal framework addresses
corruption with the same vigor as ours does. We do not want to lose
contracts, markets, and jobs to corrupt activities overseas. If we fail
to promptly ratify this Convention, it will keep us from fully
influencing the monitoring mechanisms for the Convention, which will be
considered at the conference of parties in December 2006.”

In the past two years, the Senate committee has considered how to
thwart corruption related to multilateral development bank financing
and will now hold its sixth hearing in the coming weeks.

The Office of Senator Dick Lugar, July 21, 2006

Categories: Odious Debts

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