The participating countries in the just concluded Anti-corruption Summit | London 2016 have come up with a communiqué to address the global menace of corruption as it kicks against the misuse of companies to hide proceeds of Corruption.  

At the summit, organized by British Prime Minister, David Camron and which has heads and representatives of such countries like Nigeria, United States, France and Afghanistan in attendance, the participants sought critical solution to corruption.

In a 34-point-report as contained in the communique, the summit seeks to uncover corruption wherever it exists, and to pursue and punish those who perpetrate, facilitate or are complicit in it. 

It says, “We commit to make it easier for people to report suspected acts of corruption, and to support communities that have suffered from it.  We will do this by promoting integrity, transparency and accountability, by exploring innovative solutions and new technologies, and by strengthening international cooperation.”

The summit stated that it would monitor the success of its policies and strategies, learning from and embedding best practice and would acknowledge the centrality of the UN Convention against Corruption (UNCAC) by implementing, building on its provisions and those of other international, regional and bilateral anti-corruption instruments to which their countries may be party. 

Tagged “Exposing corruption” the summit kicked against the misuse of companies, other legal entities and legal arrangements, including trusts, to hide the proceeds of corruption must end. It says, “We will enhance transparency over who ultimately owns and controls them, to expose wrongdoing and to disrupt illicit financial flows.”

“As recent events have shown, we need to take firm collective action on increasing beneficial ownership transparency. We will fully implement the Financial Sustainable Development Goal 16 Action Task Force (FATF) Recommendations on Transparency and Beneficial Ownership of Legal Persons and Arrangements. We will ensure accurate and timely basic and beneficial ownership information (including legal ownership information) is collected, available and fully accessible to those who have a legitimate need for it, including to help prevent abuse,” the summit submitted.