Financial Transparency Coalition

At the Center for Global Development / Washington Post forum yesterday, Nigerian Finance Minister and nominee for the World Bank Presidency Ngozi Okonjo-Iweala answered a series of questions about the World Bank, and the challenges it faces moving into the future. The whole interview is available on video here.

Kyrgyzstan is a country that has long been riddled with corruption. Endemic graft and nepotism was a major factor in the 2010 revolution that the country underwent, and attempts by the government to tamp down corruption have been largely unsuccessful since. The country completely disbanded the Finance Police, who used to be their anti-corruption watchdog. In a unique exercise in transparency, Kyrgyzstan will this week be broadcasting the entrance exam for a new anti-corruption agency on live television.

With the €1 Trillion the EU governments lose each year to tax dodging at stake. The prospect of a debt ridden jobless future has EU the asking questions. DG TAXUD the tax arm of the EU civil service will prepare a communication by December on the broad topic of tax havens and unfair tax competition.

Last week Coutts, banker to the Queen, was fined £8.75 million for failing to take corruption risk seriously enough. The Financial Services Authority (FSA) found problems with over 70 percent of the client files they reviewed; in some cases, allegations that customers were involved in looting state funds were brushed aside by bankers keen to increase the bank’s profits - and presumably their own bonuses.