Financial Transparency Coalition

U.S. DOJ--A federal court in Jackson, Miss., has ruled in favor of the United States involving a businessman’s attempt to use a KPMG- marketed tax shelter to avoid paying income tax on approximately $18 million in capital gains. According to the opinion, in 2001, J. Kelley Williams of Jackson became aware that he would have $18 million in capital gains from one of his investments. His KPMG accountant suggested that he use a marketed tax shelter strategy by the name of "Family Office Customized" or "FOCUS" to avoid paying tax on that gain. The tax shelter involved a series...

Business Guide Ghana--AFRICA loses about $1 trillion to illicit financial dealings which benefit the developed countries and make the continent poorer.

JAKARTA (AFP) — Indonesia has succeeded in dismantling a major new Al-Qaeda-style terrorist network but corruption and complacency threaten to unravel its gains against home grown extremists, a think tank said Tuesday.

(Reuters) - Over the past year, the number of countries on an Organization for Economic Cooperation and Development "gray list" of tax havens that have not fully implemented internationally agreed upon tax standards has dropped to 17 from more than 40.