UN deal will help curtail global graft, says ICAC
Freezing the bank accounts of international fugitives is the key to winning the war against corruption, Hong Kong officials and graft-busters say.
Their comments yesterday follow the finalisation of an international anti-corruption agreement by the United Nations in Vienna on Saturday.
The United Nations Convention Against Corruption, due to be formally signed by member states in December, is expected to be vital to help trace thousands of corrupt mainland officials who have fled overseas with stolen billions. It is also expected to heavily restrict any money laundering conducted through Hong Kong's financial sector. The city will be covered by the agreement as China is a signatory.
The executive director of the United Nations Office on Drugs and Crime, Antonio Maria Costa, said the agreement offered strong enforcement powers. It was a true global response to the global challenge posed by corruption worldwide, Mr Costa said.
The ICAC and Hong Kong administration last night welcomed the global initiative to crack down on corruption.
In a joint government response, an ICAC spokeswoman said: 'As an anti-corruption agency we will welcome any international initiatives which will effectively facilitate the fight against corruption.'
Former ICAC operation head Tony Kwok Man-wai greeted the convention, which is expected to take more than two years to come into force, as a 'moral victory'.
'It is my dream come true,' Mr Kwok said. 'When the ICAC was set up in the 70s nobody anywhere wanted to talk about corruption ... but now they clearly realise the seriousness of the matter.'
At least 4,000 mainland officials are believed to have absconded with more than 5 billion yuan (HK$4.7 billion) in state assets, according to official reports.
