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EU compromise tightens regulation on shell companies, but without public access, many still in the dark
December 17th, 2014
BRUSSELS — In a deal reached last night, parliamentarians and campaigners have succeeded in making company ownership a fundamental topic. While EU nations have agreed to centralized registers of company ownership information, there is still work to be done to ensure full transparency and public access. “The amount of progress made over the last year and a half is encouraging, and the fact that all EU nations agreed to centralized registers is a significant step,” said Koen Roovers of the Financial Transparency Coalition. “But with countries like Denmark, France, the U.K. and Ukraine announcing commitments to public access, the European...
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New Study: Crime, Corruption, Tax Evasion Drained a Record US$991.2bn in Illicit Financial Flows from Developing Economies in 2012
December 15th, 2014
WASHINGTON, DC – A record US$991.2 billion in illicit capital flowed out of developing and emerging economies in 2012—facilitating crime, corruption, and tax evasion—according to the latest study released Tuesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The study is the first GFI analysis to include estimates of illicit financial flows for 2012. The report—GFI’s 2014 annual global update on illicit financial flows—pegs cumulative illicit outflows from developing economies at US$6.6 trillion between 2003 and 2012, the latest year for which data is available.  Titled “Illicit Financial Flows from Developing Countries: 2003-2012,” [HTML | Continue Reading
G20 Communiqué Acknowledges Broken Financial System, But Leaves Clear Solutions on the Table
November 16th, 2014
BRISBANE—With the release of the Brisbane communiqué, G20 leaders have acknowledged the cracks in our financial system, yet they haven’t acted on some common sense steps to bolster the fight against illicit financial flows. “It’s good that G20 leaders have been discussing the ravaging effects tax evasion, avoidance and money laundering have on our economies, but they seem to discuss the problem every year. There is a strong and growing consensus across experts, business leaders, and even the accounting firm Price Waterhouse Coopers on some common sense financial transparency measures,” said Porter McConnell, Manager of the Financial Transparency Coalition....
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This weekend, G20 leaders should roll up their sleeves and work on common sense measures to curb illicit cash
November 14th, 2014
BRISBANE—While G20 leaders are poised to address many of the vehicles that are integral to allowing almost one trillion dollars to flow out of developing countries each year, political pressures should not force talks to backtrack. “The fact that so many of the world’s leaders are in one place is a rare opportunity to get things done,” said Porter McConnell, Manager of the Financial Transparency Coalition. “The summit should not be seen as a rubber stamping process; heads of state should use their 48 hours in Brisbane wisely to reach consensus on some common sense measures before them to curb...
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RT @TaxJusticeNet: UK company ownership register postponed until next June https://t.co/jxPZeFMdaG via @sharethis
- Friday Sep 4 - 5:02pm

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