Washington: As part of a broader effort by Indian government to tackle corruption, it has ratified United Nations Convention Against Corruption (UNCAC). The ratification announcement has been welcomed by the Task Force on Financial Integrity and Economic Development.

India became a member of the Task Force in January of this year. Task Force explained the UNCAC ratification as India’s effort to tackle corruption and stem the flow of illicit capital flight which is estimated at approximately USD 19 billion per year.

 "The UN convention is the only legally binding international agreement targeting corruption" Raymond Baker, director of Global Financial Integrity (GFI), the officiating member of the Task Force, said.

"India has taken a significant step forward both in its own efforts to stamp out corruption and supporting broader international efforts to increase transparency in the global financial system" he said.

The convention currently has been signed by 140 countries, though many have yet to ratify it.

The Convention commits signatories to tackle corruption internally through criminalisation and proactive measures and comprehensively through cooperation in assets recovery and information sharing with other countries.