World to join hands against corruption

UK Prime Minister David Cameron will host a Summit in London Thursday aimed at beating corruption, weeks after admitting he had a stake in an offshore fund set up by his father. Leaders will be asked to sign a global declaration that promises to expose corruption, punish those responsible and help its victims, in a bid to tackle an issue that Cameron said has been a taboo for too long.
Though to some analysts, the Summit marks the latest attempt by the UK leader to deal with the political fallout of millions of documents leaked from Panamanian law firm Mossack Fonseca, one of which revealed he once owned a stake in an offshore fund linked to his father but whatever the motive, it is a step in the right direction. It would provide a forum to discuss the issue of corruption and transfer of ill-gotten wealth from one country to another and might result into some sort of understanding to curb the menace. In the absence of any agreed universal mechanism, some countries like Switzerland have become safe havens for corruption money and are not willing to enter into serious talks with those harmed in this way. Similarly, some countries are misusing their laws and exploiting loopholes in the international law to safeguard and promote so-called offshore companies engaged in illegal and fake businesses and financial transactions. Panama Papers have highlighted the issue of corruption and it is right time that all stakeholders discuss the problem threadbare and extend cooperation for evolution of a foolproof plan of action to fight the menace effectively. Similarly, the countries should benefit from international best practices to evolve transparent system of internal accountability. We hope Pakistan too would not only participate but contribute to the objectives of the London moot.

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