Financial Transparency Coalition

Aid organisations from countries currently defending banking secrecy laws say their governments need to change course in the interest of helping developing nations.

The UK is backing calls to force multi­national companies to reveal precisely how much tax they pay in each jurisdiction they operate in. The move is being hailed as a significant breakthrough towards ending tax secrecy.

The drive for country-by-country reporting will force transnational businesses to disclose the amount of tax paid in each country

By Timothy Geithner and Lawrence Summers - Over the past two years, we have faced the most severe financial crisis since the Great Depression. The financial system failed to perform its function as a reducer and distributor of risk. Instead, it magnified risks, precipitating an economic contraction that has hurt families and businesses around the world.