Financial Transparency Coalition

Recovering black money tough. It makes sense to curb outflows: Raymond W Baker, Director, GFI The Economic Times, June 24, 2011

Banks found to be putting profits before risk in FSA money laundering review FinExtra, June 23, 2011

Tax Repatriation: You Can't Turn This Into a Good Idea The Huffington Post, June 23, 2011

Lower-Tax Shores Draw U.S. Firms Wall Street Journal, June 24, 2011

Strategic Reforms Crucial for Stolen Asset Recovery, Finds World Bank Study World Bank, June 21, 2011

South Africa: Country Losing Billions in Tax Evasion allAfrica.com, June 23,...

Illicit financial flows don’t just concern people taking cash (illegally) over boarders. They are also about people taking goods (illegally) over boarders. Some of these goods fall within the traditional concept of transnational crime—for example, drugs and human trafficking—and some outside the conventional scope—including natural resources like fish, wildlife, and timber. The Global Financial Integrity report Transnational Crime in the Developing World estimates the flow of funds generated by the illicit sale and trade of wildlife is $7.8 to $10 billion annually, the trade in fish is $4.2 to $9.5 billion, and the annual value of the illicit market in...

British banks ignore money-laundering rules, says FSA The Guardian, June 22, 2011 Bangladesh sentences ex-prime minister’s son in absentia to 6 years for money laundering Associated Press, June 23, 2011 Show us the Arab Spring money, please Al-Arabiya, June 22, 2011 Switzerland faces more mafia money laundering World Radio Switzerland, June 23, 2011 Taxman must

In the past year, US Secretary of State, Hillary Clinton, and British Prime Minister David Cameron have been fairly vocal about Pakistan not taxing its elites, while the US and UK give aid to the country. Of course, in a fragile state like Pakistan, statements by the UK and US governments on tax are no doubt motivated by the potential for tax reform to build a strong and responsive state – which is less likely to be a security concern internationally. But Finance Minister, Dr Abdul Hafeez Shaikh, has joined the call for the rich, legislators and media ‘moguls’ to...