Financial Transparency Coalition

Joint NGO Media Reaction Financial Transparency Coalition – Eurodad – Global Witness – Transparency International EU Office – Oxfam Brussels, March 11, 2014 – Today, the European Parliament endorsed the creation of public registers of who really owns companies, trusts and other legal structures. This will make it much harder for criminals, tax evaders, corrupt politicians and other money launderers to hide their identity, and their

This post originally appeared on the blog of Tax Justice Network, a Coordinating Committee member of the Financial Transparency Coalition.  If there’s one story you read today make it this one, from Politico Magazine. It’s triggered by the crisis in Ukraine, but it’s been a long time coming. The point of this short story is clear:

In many ways, both illicit financial flows and corruption are undefined and relative. For that reason, they’re both notoriously difficult to measure. The difficulty in measuring them in the first place may be part of the ambiguity surrounding their connection. Ambiguity aside, however, these concepts are highly interrelated. Here’s how. What is corruption in the first place? Transparency International uses the following working definition of corruption: “the abuse of entrusted power for private gain.” I imagine that definition is purposively vague and inclusive on purpose. Corruption isn’t just bribe paying, although that’s often it. It’s not just in business relationships, but...

Joint NGO media reaction Financial Transparency Coalition – Eurodad - Global Witness - Oxfam A cross political party agreement in the European Parliament puts pressure on EU member states to step up the fight for corporate transparency Brussels, February 20, 2014 Soon it might be a lot harder for criminals, tax evaders, corrupt politicians and other money launderers to hide their identity and their illicit funds behind anonymous shell companies, following a key vote today in the European Parliament. Today European parliamentarians from the Economic and Monetary Affairs (ECON) and Civil Liberties, Justice and Home Affairs (LIBE) Committees voted in favour of public registries...