Official measures, such as forcing big businesses to disclose their payment performance, do not appear to be working, the federation said.

While senior civil service appointees are required to declare their outside interests, they are not legally bound to disclose payments received from these interests.

Regulators also voted to make resource companies disclose their payments to governments in more detail, which could give voters in resourcerich countries much more information about possible corruption.

In order to achieve transparency, a global effort to level the playing field and require all companies in a country to disclose payments was needed.

The reforms include requiring extractive companies to disclose their payments and corporate ownership structures on a central public register in order to determine their effective tax liability.