Financial Transparency Coalition

LONDON - A new investigation by Global Witness today reveals the systemic corruption and illegality at the heart of government in Sarawak, Malaysia’s largest state. A film, shot undercover during the investigation, reveals for the first time the instruments used by members of the ruling Taib family and its local lawyers to skirt Malaysia’s laws and taxes, creaming off huge profits at the expense of indigenous people and hiding their dirty money in Singapore.

WASHINGTON, DC – In the wake of recent money laundering compliance failures at major U.S. and international banks, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is currently scheduled to hold a hearing Thursday, March 7, 2013 entitled, “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement.” Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, issued the following statement in advance of the hearing.

LONDON / WASHINGTON DC - The British bank, HSBC, made a $20.6bn profit in 2012 and paid its CEO a $3m bonus, it was announced today. This is in spite of the fact that HSBC was fined a record $1.9bn for doing business with Mexican drug lords, terrorist financers and pariah states.

LONDON - A ComRes survey about public perceptions around tax avoidance, commissioned by Christian Aid, found a third (34 per cent) of Britons say that they are currently boycotting the products or services of a company because it does not pay its fair share of tax in the UK. Almost half (45 per cent) say they are considering a boycott.