Financial Transparency Coalition

Last summer, we reported that the Obama Administration planned to globally promote the Energy Security Through Transparency (ESTT) provisions (Sec. 1504) of the new Dodd-Frank legislation.  Now, it appears as though they've remained true to their word. Last July, after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the White House released a statement about Sec. 1504 saying (underlining added by me):

This provision is an essential new tool in promoting transparency in the oil and mineral sectors. This legislation will immediately shed light on billions in payments between multinational corporations...

Transcendent New Book Links Financial Crisis, Corruption, Crime to Offshore System It links terrorism to the financial crisis, corporate tax evasion to Mexican drug cartels, corrupt kleptocrats in developing countries to the ruling elites in some of the biggest countries in the world. It is the very opaque offshore financial system, and it is the focus of Nicholas Shaxson's enlightening new book, "Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens," which was just published in the United States this week. Reading like a John le Carré thriller, Treasure Islands whisks you from the echelons of...

Egypt says U.S. dragging its feet on freezing Mubarak assets Washington Post, March 31, 2011

Kenneth Clarke denies weakening new anti-bribery law The Guardian, March 31, 2011

Swiss miss out as Arab capital flies to London Reuters, March 31, 2011

Vatican Seeks to Clamp Down on Its Finances Wall Street Journal, March 31, 2011

Panama Set to Pass Tax Deal Next Month, U.S. Trade’s Sapiro Says Bloomberg, March 31, 2011

The Guidance to the new anti-bribery law was released this morning. Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity, released the following statement about the Guidance earlier today:

"The UK Government has taken an iron-clad piece of legislation that, if applied as written, would have put UK and U.S. companies on a level playing field when it comes to preventing bribery and corruption and turned it into rubber. The Guidance to the Bribery Act published by the UK Ministry of Justice today molded the previously strong standards of corporate liability set out...