Financial Transparency Coalition

WASHINGTON DC – In the midst of a Congressional and White House showdown over the impending sequestration, and growing calls for corporate tax reform, Senator Carl Levin (D-MI) and Senator Sheldon Whitehouse (D-RI) put forth the Cut Unjustified Tax Loopholes Act (S. 268, CUT Loopholes Act). This bill, which closes loopholes and strengthens enforcement measures against offshore tax haven abuse, could raise nearly $200 billion over ten years.

LONDON - Norwegian state-owned oil company Statoil has formally distanced itself from a U.S. oil industry lawsuit that seeks to scrap a landmark transparency and anti-corruption law established in the United States.

LONDON - As the scandal grows around a Nigerian oil deal involving Shell and Italian firm Eni who made a US$1.1 billion payment that ended up in the accounts of a company controlled by a corrupt former Nigerian Oil Minister, the Dutch government is coming under increasing pressure to stop supporting opt-outs in new EU legislation that would enable companies such as Shell to avoid having to publicly report these payments in certain circumstances.

BRUSSELS / LONDON - The European Commission’s new draft legislation for how to crack down on financial crime, published today, misses an opportunity to make it much harder for tax evaders, mobsters, arms dealers and corrupt politicians to use Europe’s financial system to launder their dirty money.