Washington, May 14 (IANS) India's announcement that it had ratified the United Nations Convention Against Corruption (UNCAC) has been welcomed as a "significant step".

"India has taken a significant step forward both in its own efforts to stamp out corruption and in supporting broader international efforts to increase transparency in the global financial system," the Task Force on Financial Integrity and Economic Development has said.

Building upon India becoming a member of the Task Force in January of this year, the ratification comes as part of a broader effort by India's government to tackle corruption and stem the flow of illicit capital flight estimated at approximately $19 billion per year, the group said Friday.

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

The convention is currently 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 asset recovery and information sharing with other countries.