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The author, a member of the House of Lords, former cabinet minister, and anti-apartheid campaigner, will begin drafting a treaty to establish an International Anti-Corruption Court at the New Institute in Hamburg on August 27.
The need for such a court is urgent. Money laundering causes an astonishing $1.6tn in global losses each year, with over $7tn in private wealth held in offshore accounts that are shrouded in secrecy — equivalent to 10% of global GDP. Countries are destabilized as a result, and in some cases, corruption leads to state failure. As Navi Pillay, the former UN high commissioner for human rights, ominously warned in 2013, “corruption kills”.
Kleptocracies have plagued their populations for far too long, with corrupt leaders plundering public funds for personal gain, pushing their citizens further into poverty. Developing countries bear the brunt of this abuse, but it is a global responsibility. Perpetrators receive assistance from global companies and banks, many of which are based in New York and London. Dubai and Hong Kong are notorious for money-laundering.
In South Africa, the infamous “state capture” decade under former President Jacob Zuma resulted in a collapse of the country’s GDP, accompanied by daily electricity cuts and contaminated water supply.
In oil-rich Angola, former President José Eduardo dos Santos and his cronies stole billions of US dollars, with devastating consequences — 53% of Angolans live on less than $2.15 per day.
Why can’t we rely on the International Criminal Court (ICC) to combat corruption? Because the ICC focuses on atrocity crimes like genocide and war, not corruption. Amending its foundational Rome Statute to include corruption would be incredibly challenging, as it would require ratification by the majority of its 123 member states, some of which are led by individuals guilty of corruption themselves.
However, the proposed new court’s jurisdiction would not necessitate time-consuming reevaluation, as the UN Convention Against Corruption already mandates its 189 parties to criminalize bribery, embezzlement, money laundering, and obstruction of justice. Nevertheless, many nations with kleptocrats in power hinder enforcement of these laws. The International Anti-Corruption Court (IACC) would target high-level officials, bribers, and money launderers who commit crimes within member states.
Entrenched kleptocracies, including Russia, may resist joining, but these kleptocrats often hide their illicit assets in countries like the UK. This would allow the new court to freeze and recover stolen assets, even if the perpetrators avoid arrest by remaining in their home countries. If they travel to an IACC member state or a country with an extradition treaty, corrupt individuals would face the risk of arrest, trial, and imprisonment.
So far, 73% of respondents in the UK support the establishment of the court, and over 300 prominent figures, including more than 50 current and former heads of state and government, as well as 30 Nobel laureates, have endorsed the idea. Integrity Initiatives International, a non-profit organization, has coordinated a global network of civil society organizations advocating for an IACC, resulting in commitments from countries including Canada, Ecuador, Moldova, the Netherlands, and Nigeria.
London and UK overseas territories, from the Caribbean to Gibraltar, are notorious hubs for money-laundering, and the UK government should take a leading role in garnering global support for the IACC. The UK must also impose stricter regulations on lawyers, bankers, real estate agents, accountants, and other financial advisors who aid money launderers, enforce laws against foreign corruption, and enhance transparency.
Vocally criticizing corruption while turning a blind eye to it is futile. The time for action is now.
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