Financial Transparency Coalition

The recent global financial crisis highlighted the need to broaden the discussion about regulation and oversight of the financial system. Transparency and related risk assessments of financial institutions have surged to the top of the agenda. In our study on transparency and disclosure of measures for reducing corruption risk among the world’s largest companies published today, financial companies constitute the single largest industry sector. Among the 24 financial institutions in the survey there are 19 banks, four diversified financial service providers and one insurance company. They are incorporated in 11 different countries: six in the US, four in China, three...

This week the heads of state from the G20 are meeting in Mexico, where we hope they will take action to meet their 2009 promise to end bank secrecy. One step already taken is making tax evasion a predicate offence for money laundering. What does that mean? Money laundering is defined as taking the proceeds of a crime and making them legitimate.