Financial Transparency Coalition

Towards Transparency: Making the Global Financial System Work for Development, the Financial Transparency Coalition 2013 Conference, will take place in Dar es Salaam on October 1-2. To join in the discussion, Tweet us using the #FTCDar2013 hashtag, or follow FTC on Twitter at @FinTrCo.

Every year, developing countries lose around $1 trillion per year to illicit financial flows, which are the proceeds of tax evasion, crime, and corruption. They undermine accountable government, enable organized crime on a massive scale, and make it more difficult for governments to provide basic services. Illicit financial outflows dwarf foreign aid, and represent one of the biggest impediments to development in Africa.

In two weeks, the Financial Transparency Coalition will meet in Dar es Salaam, Tanzania, for our annual conference. Along with our partner, Policy Forum, we hope to bring together leaders in the development and finance communities to draw attention to the growing problem of illicit financial flows.

The conference will address how to increase global financial transparency and bolster equitable economic development. Conference speakers and participants will discuss the mechanisms of illicit financial flows and how the current system enables the movement of illegal money around the globe.  Presentations throughout the two days will examine the links between illicit financial flows and extractive industries, conflict and instability, illicit wildlife, the illegal arms trade, and more.  Participants will also discuss current proposals for greater financial transparency.

This is the first post in a series to introduce the topics of the conference. We hope we will be seeing you in Dar, but even if we won’t, we would like to offer the opportunity to join the discussion. If you would like to suggest a question or discussion topic for the panel moderator, you can Tweet using the hashtag #FTCDar2013, or write in the comment section of our blog. The conference will not be live streamed, but video of all the panels and speeches will be posted online shortly afterwards.