G8 Slammed on Bribery, Corruption

ft.com — The Group of Eight countries are failing to stamp out corruption and bribery, with damaging implications for trade, business and broader international goals such as tackling poverty, according to Transparency International, the watchdog. Christiaan Poortman, Transparency's director of global programs, said some countries had not ratified the UN convention for fear of "being put at a competitive disadvantage." Mr Poortman said that the intensified scramble for oil and minerals, as developing countries become more voracious, created a "propitious environment for corruption." He praised the U.S. and Germany for pursuing high-level prosecutions against some of their biggest companies.

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