Financial Transparency Coalition

Could we be seeing a return to the bad old days of Swiss Banking? A right wing party in Switzerland, the Swiss People’s Party, has launched an assault on the automatic exchange of banking information, according to Swiss Daily Newspaper Tages Anzeiger. Starting next year, Swiss Banks will need to inform tax authorities in 38 countries

Today, a bi-partisan group of lawmakers introduced legislation that would begin to lift the veil that currently shrouds company ownership in the United States. And this is good news, because the US has a long way to go if it’s to join those leading the way on financial transparency.

On Monday, we announced a few changes taking place soon at the FTC. Please find the full letter below from FTC’s Director, Porter McConnell, and Programs Manager, Sarah Vaugeois:

Financial secrecy deprives countries, especially developing ones, of key revenue resources by eroding their tax base. India must thus build a robust legal system to lift the veil of secrecy on both onshore and offshore financing. ‘Paper companies’, more commonly known as shell companies, are entities with low or no real economic activity, where the