December 9, 2003	Tuesday	Shawwal 14, 1424

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ISLAMABAD, Dec 8: Pakistan and the Russian Federation on Monday signed a Memorandum of Understanding (MoU) for eradication of corruption and other financial irregularities, Chairman National Accountability Bureau Lt-Gen Munir Hafiez told reporters at a press conference here at the NAB headquarters.

“The MoU covers the globally-accepted broader principles of accountability, transparency and anti-corruption as regulated by the International Organization of Supreme Audit Institutions (INTOSAI) and the Asian Organization of Supreme Audit Institution (ASOSAI),” the National Accountability Bureau chief said.

Under the MoU the two sides will exchange technical staff for training and formulate joint plans for eradication of corruption, he said.

The two sides decided to develop bilateral relations within the framework of the INTOSAI and the ASOSAI.

The NAB chairman and Chairman of the Accounts Chambers of the Russian Federation (ACRF) S.V. Stepashin signed the MoU on behalf of their respective governments.

The ACRF is a supreme accountability institution recently formed by the Russian President Valadmir Putin to eradicate the menace of corruption from Russian Federation.

The two sides expressed their willingness to work for a bilateral extradition treaty which is likely to be signed by the start of next year.

The NAB’s chief said the MoU comprised 11 articles that will regulate exchange of experience in the field of improvement of methodology of state financial control and eradication of corruption and other financial irregularities.

It would include mutual exchange of information on improvement of professional personnel management standards, documentation of economy, information sharing on joint audits, combating corruption and Mutual Legal Assistance (MLA).

The National Accountability Bureau chairman said corruption was no more a national issue but it had become a regional problem which could be overcome only through collective efforts.

He said main problem being faced by the NAB was that the people had transferred the plundered wealth to various countries. “We are striving hard to bring this money back,” he added.

The head of the visiting Russian delegation S.V. Stepashin said he had also called on President Pervez Musharraf requesting him to sign an extradition treaty between the two countries.

He said before his arrival in Islamabad, he had also met the Russian President Valadmir Putin and convinced him for signing extradition treaty with Pakistan. “But there are some technical complications which are required to be resolved to sign the treaty,” he added.

He said the ACRF was the supreme accountability body of the Russian Government that exercises control and audit over timely execution of the state revenue and expenditure items of the Russian federal budget in terms of its monetary structure and legal applications.

The Russian delegation’s head said his government was inspired with the accountability system imposed by the present government in Pakistan. “Therefore we want to learn from the National Accountability Bureau’s experience,” he added.