Corruption costs $ 1.6tn, UN says

New York, 09 Nov-(ANA)-The United Nations (UN) has said political corruption costs governments about $ 1.6tn (£ 951bn) every year.

The money is lost in public assets moved across borders via money-laundering or undeclared holdings.

The figure comes as the UN, World Bank and other watchdog meet in Doha, Qatar, to try to give a four-year-old anti-corruption agreement some teeth.

But hopes are low of countries agreeing to independent reviews into countries' finances to look for missing money.

Countries such as China, Iran and Russia are resisting such measures.

Two previous summits have failed to expand the powers of the UN's anti-corruption convention. (ANA)

FA/ANA/09 November 2009----