International, regional and organizational legal mechanisms used to confront financial corruption

Abstract

The phenomenon of financial corruption constitutes a dangerous negative image in our societies, which disturbs the peace and development of countries, due to its association with illegal activities, and its harmful impact on the national and global economy alike. Therefore, the issue of combating it with international and regional legal mechanisms has become a necessity no less important than maintaining international peace and security. Especially since the relationship is present between its dangers on the one hand, and human rights on the other hand. Financial corruption is no longer a national affair related to a country. Rather, its importance has called upon the international community, with all its global, international and regional organizations, to fight it with all its powers and the extent of its impact. This necessitated the conclusion of two agreements by the United Nations in the years 2000 and 2003, although the latter represented the most important and first international agreement that covered the whole world, but the first included what could constitute a cross-border organized crime, namely, the crime of money laundering. With regard to the regional aspect, the European civil and criminal conventions of 1999, the latter of which was the first of a criminal nature, continued the regional path in confronting this phenomenon, all the way to the three Arab conventions of 2003, after that path passed in the African continent, where the African agreement of 2003. Due to the importance of the issue, international bodies specialized in the financial field and not specialized in it had roles in combating financial corruption, either through governmental agreements or other measures and procedures.