Financial Transparency Coalition

Crucial practical recommendations of global trade unions include taxing profits where they are generated and ensuring corporate and financial transparency. Corporate tax minimization has been taken to such an extreme that many developed countries’ economic and political systems are in danger of collapse. Trade unions could play a key, constructive role in changing the harmful systems and mindsets behind this crisis, according to the Council of Global Unions and Education International’s (EI) new report Global Corporate Taxation and Resources for Quality Public Services.

Many times when we (and by “we” I mean all of those of us who aren’t involved in the intimate details of U.S.intelligence and counter terrorism efforts)… Many times when we think about terrorism, we imagine events transpiring many miles away. We believe terrorist attacks are brewed in distant countries, financed with drug money and untraceable transactions in cash, and executed by men and women who live in remote villages, towns, and cities, ruled by governments who can’t (or won’t) conduct effective counter terrorism. All of it comes together to make a phenomenon that is difficult, if not nearly...

Corporate tax evasion undermines Philippines remittances The Vancouver Sun, December 19, 2011 Africa: Capital Flight Updates Africa Focus, December 17, 2011 Taking the plunge Republica (Nepal), December 19, 2011 Nepal: Illicit financial flows The Nepal Telegraph, December 19, 2011 Look into alleged illicit money outflow Borneo Post, December 17, 2011

Foreign bribery in Russiais a huge problem for the country’s economy. Investors are threatening to flee in droves in the face of ever increasing official depravity and the tightening of domestic laws on bribery abroad. Transparency International estimates that the total annual amount paid in bribes inRussia is worth $300 billion—equivalent to the GDP of Denmark. Global Financial Integrity estimates that the country lost an average $47 billion in illicit financial flows per year, a number which money transferred abroad stemming from tax evasion, corruption, and trade mispricing. Corruption has become an endemic characteristic of Russia’s public sector....