Financial Transparency Coalition

The Task Force on Financial Integrity and Economic Development is today renamed the Financial Transparency Coalition (FTC). Formed in early 2009 with the goal of creating greater transparency and accountability in the global financial system in order to curb illicit financial flows (IFFs), the coalition is composed of six coordinating NGOs - Christian Aid, Eurodad, Global Financial Integrity, Global Witness, Tax Justice Network and Transparency International - as well as leading experts and a rapidly growing number of government representatives (on May 22 Belgium became the thirteenth country to join the FTC’s partnership panel).

WASHINGTON, DC / LONDON – In a major victory for transparency advocates, British Prime Minister David Cameron called on members of the G8 and the European Union Wednesday to “break through the walls of corporate secrecy” that facilitates tax dodging, money laundering, and corruption—endorsing the disclosure of beneficial ownership information in central public registries. Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, lauded the statements by Mr. Cameron—included in a letter sent Wednesday to Herman Van Rompuy, President of the European Council—and the organization encouraged the United States, EU, and G8 to follow suit.

LONDON - Prime Minister David Cameron revealed today that the UK will be seeking action from the G8 to end the abuse of anonymous shell companies. He has called for information about who ultimately owns and controls companies (beneficial ownership) to be registered and made publicly available.