World Bank vows to fight global corruption

The World Bank and enforcement authorities from around the globe on Wednesday vowed to step up their efforts against corruption.

"Corruption steals from the poor, undermines fair competition, distorts resource allocation, destroys public trust, and undermines the rule of law," World Bank President Robert Zoellick said at the launch of a joint declaration.

 Titled 'Declaration of Agreed Principles for Effective Global Enforcement to Counter Corruption', it stresses on technical assistance and international cooperation in managing corruption investigations, as critical inputs to enhancing the fight against crime and corruption.

"This declaration can help build momentum for an international coordinated response to counter different forms of corruption that impede economic and social progress in developed, emerging and developing countries," he said.

At the meeting, the World Bank and its partners agreed that cooperation and a willingness to work together among investigative and prosecution authorities was critical to success in combating crime and corruption.

The joint declaration was endorsed at a high-profile roundtable discussion attended by International Criminal Court Prosecutor Luis Moreno-Ocampo, Director, Serious Fraud Office (UK) Richard Alderman, Boon Hui Khoo, President, INTERPOL; Giovanni Kessler, Director-General, European Anti-Fraud Office (OLAF) among others.