Financial Transparency Coalition

So the latest big tax haven whistleblower, Antoine Deltour, is facing the combined massed might of Luxembourg, one of the world’s biggest and most aggressive tax havens, and PWC, one of the biggest and most aggressive lobbyists for offshore tax and secrecy legislation, the Big Four accounting firm. Deltour faces up to ten years in prison.

The final two months of 2014 saw a surge of positive news for civil society whose collaborative and consolidated efforts over recent years to push for greater corporate transparency measures are now seeing the light. Civil society has called for greater light to be shed on the real living people who ultimately own or control companies – the beneficial owners. Current levels of secrecy mean that global detection rates for illicit funds by law enforcement are as low as 1 percent for criminal proceeds.

Not that long ago, Credit Suisse AG (CSAG), the multinational financial services giant, pleaded guilty to felony criminal charges and paid fines of US$2.6 billion for aiding and assisting U.S. taxpayers “in filing false income tax returns and other documents with the Internal Revenue Service (IRS)”. In other words, Credit Suisse helped Americans evade taxes and showed them how to take advantage of the international financial system’s inherent secrecy, even brining secret airports and elevators into the picture, according to a U.S. Senate report. But now that they’ve admitted to...

The Mafia Capitale scandal has been gripping Italy over the last few months. It involves the corrupt award of public sector contracts in Rome to a network of people associated with extreme right-wing and neo-fascist movements. To find out more listen to last month’s Taxcast. One of the latest and most bizarre revelations to emerge from the scandal has been publication of an intercepted phone conversation between Massimo Carminati, the alleged boss of an organized crime group, and Paolo Pozzessere, a senior manager at Finmeccanica, the leading Italian arms manufacturer. Pozzessere, the former commercial director of Finmeccanica, was telling Carminati about his experiences...