The time for instituting a new global corruption court is now

AT THE New Institute in Hamburg, a group of eminent jurists and lawyers will begin, on Aug 27, to draft a treaty to establish an International Anti-Corruption Court (IACC).

The need is urgent. Money laundering causes a staggering US$1.6 trillion in global losses annually, with more than US$7 trillion in private wealth held in secretive offshore accounts – the equivalent of 10 per cent of global gross domestic product (GDP). Countries are left destabilised, and, in some cases, corruption leads to state failure. As Navi Pillay, the former United Nations (UN) high commissioner for human rights, ominously warned in 2013, “corruption kills”.

Kleptocracies have ravaged their populations for far too long, with corrupt leaders looting public funds for personal gain and thrusting their people deeper into poverty. Developing countries bear the brunt of this abuse. But it is a global responsibility. Perpetrators enjoy the help of global companies and banks, most based in New York and London. Dubai and Hong Kong are notorious money-laundering centres.