Financial Transparency Coalition

WASHINGTON, DC - Global Witness applauds the bipartisan call by 58 Members of Congress for the Securities and Exchange Commission (SEC) to immediately release the final rules for two sections of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) aimed at decreasing corruption and conflict relating to the extractive industries. The law, passed in July 2010, required the SEC to issue final rules for these provisions in April 2011. Fourteen months after missing this deadline, the SEC is refusing to name a date for their publication.

WASHINGTON D.C. – Global Financial Integrity (GFI), a Washington-based research and advocacy organization, praised the commitments made to address illicit financial flows by leaders in government and business at the United Nations Conference on Sustainable Development, also known as the Rio+20, Conference this week.

WASHINGTON, DC – Global Financial Integrity (GFI) praised G20 leaders today for prominently focusing on the issue of illicit financial flows, committing to move toward the automatic exchange of tax information, and renewing the mandate of the Anti-Corruption Working Group for another two years, but expressed disappointment in the leaders’ failure to address the issue of anonymous shell companies.

WASHINGTON DC / LONDON - In 2009, leaders of the world’s 20 most powerful nations declared “the era of bank secrecy is over.” Today, bank secrecy is not over. In fact, many tax havens are thriving.