Financial Transparency Coalition

BERLIN - The well-publicised trial of Bo Xilai, a former politburo member and populist politician, for corruption and abuse of power does not prove China is serious about fighting corruption. Nor does it show that no one, not even a powerful politician, is above the rule of law. This elaborately choreographed prosecution is simply an exercise in demonstrating where power lies in an authoritarian state. In March Transparency International welcomed China’s strong commitment to fighting corruption and called on the authorities to take concrete steps to uphold best international practices for preventing and prosecuting corruption both at home and abroad....

Today the OECD identified 15 policy action points and created a two-year timeline that it hopes will restore trust and fairness in what it concedes has become a flawed and discredited international tax system. The report, Action Plan on Base Erosion and Profit Shifting, recognises what the Financial Transparency Coalition (FTC) has known for years: That the integrity of the current global tax system has been undermined by multinational companies and their tax planners exploiting the boundaries of acceptable tax planning.

WASHINGTON DC – Global Financial Integrity (GFI) expressed disappointment today at the decision by Judge John D. Bates of the United States District Court for the District of Columbia to vacate key extractive industry transparency rules. The decision prevents the rules from taking effect until the Securities and Exchange Commission (SEC) revises the rules to address the court’s concerns.

At this year’s summit, G8 leaders had an opportunity to pursue tax and transparency policies that would provide economic stability, root out systemic corruption and enhance the democratic process in rich and poor nations alike. Today G8 leaders largely failed to seize this opportunity.