Financial Transparency Coalition

Swiss banking giants have--for a long time--charged wealthy clients a pretty penny to knowingly facilitate offshore tax-evasion, according to former offshore banker Rudolf Elmer. The Julius Baer executive-turned-whistleblower, speaking at an offshore financial conference in Miami yesterday, told the audience that he has files detailing the banks culpability. According to Kim Dixon at Reuters:

Rudolf Elmer, who told his story in public for the first time, was fired from Julius Baer in 2002. He says he has divulged internal company documents with officials in several countries, including the United States and Germany.

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From Global Witness: Questions regarding oil and mining payments made to the Cambodian government should top the bill at June's donor-government meeting in light of an announcement by Prime Minister Hun Sen of a US$28 million payment by French oil company Total, said Global Witness today. Hun Sen said on Wednesday that Total has paid US$8 million into a social development fund as part of its agreement to explore for oil offshore, and an additional US$20 million signature bonus to the government. Global Witness contacted Total, which confirmed that this information was accurate. The payment...

Op-Ed:Time to close the tax haven loophole The Hill, April 30, 2010

PEW demand some restrictions on offshore companies Pakistan Daily Mail, April 30, 2010

IRS, Treasury Aim for Release of FATCA Guidance in Stages, Official Says Tax Analysts (Subscription only), April 30, 2010

Economic Substance 'Angel List' Unlikely, Says Treasury Official Tax Analysts (Subscription only), April 30, 2010

Police believe Holyland bribe money is stashed in foreign financial institutions Ha’aretz, April 30, 2010

Russia Slow to Pick Up the Lead in Bribery Cases The New York Times, April 29, 2010

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The German Federal Chancellor, OECD Secretary-General, WTO Director-General, ILO Director-General, IMF Managing Director and World Bank President just released a joint statement on global economy. While they mention issues like poverty, economic development, and the Millenium Development Goals (MDGs), they unfortunately fail to address the issue of illicit financial flows.

I guess we need more signatures on our G20 Transparency petition.

Full statement below (it can also be read here):

Joint press release by Federal Chancellor Angela Merkel, OECD Secretary-General Angel Gurría, WTO Director-General Pascal...