The upcoming November G20 meeting taking place in Seoul, is setting the stage for the fight against corruption. With a new agenda involving the Millennium Development Goals (MDGs), there is hope for a greater transparency, accountability, and integrity structure for multi-national corporations and governments to adhere to.
Corruption has seriously undermined the successes of the MDGs. Corrosion of governance and misconduct of corporations have made reaching goals such as gender equality, eradication of poverty and universal primary education, extremely difficult.
As international aid has been and continues to play an imperative role in poverty reduction measures in developing countries, the amount being withdrawn through natural resource extraction and corruption by industries have done nothing but cripple developing economies. The valuable natural resources extracted by impoverished nations is immense, and it is nearly all done by non-national companies.
Global Financial Integrity revealed that, "In 2009, there were $1 trillion dollars in financial outflows from developing countries, a number ten times larger than official development assistance they receive each year from western economies."
Introducing more effective transparency measures would ensure that governments and corporations are subjected to the same standards of integrity and accountability. If access to information and progress on budget, rule of law, and citizen engagement was more transparent and available, it would allow ordinary people the ability to monitor corporate and government actions being taken.
With G20 countries holding 85 percent of the worlds economy, their influence could create a major turn around in how international assistance is received and how rampant corruption is handled. Now is the time to push for greater transparency and regulation because without a global framework for fighting corruption, the MDGs will mostly likely go unmet.