Financial Transparency Coalition

WASHINGTON, DC – The FACT Coalition will host a joint press conference on Tuesday, July 17th following the Senate Permanent Subcommittee on Investigation’s hearing “U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History.”

In this video, the United Nations Office on Drugs and Crime follows individual Euro bills as they are used illicitly, ultimately showing the annual $870 billion proceeds from criminal networks. The filmed transactions highlight profits by counterfeiting, illicit drug trafficking, human trafficking, and trading illegal arms.  The UNODC also captures the impact of this underground

Ministers from Financial Action Task Force (FATF) member countries will meet in Washington DC on 20 April to extend the FATF mandate for another 8 years, continuing to safeguard the integrity of the international financial system. The FATF Ministerial Meeting will take place in the margins of the 2012 IMF / World Bank Spring Meetings. It follows on the recent publication of the revised FATF 40 Recommendations, the international standard for combating money laundering and the financing of terrorism and weapons of mass destruction.

Reports on Brazil, Chile, Costa Rica, Cyprus, the Czech Republic, Guatemala, Malta, Mexico, Saint Vincent and the Grenadines and the Slovak Republic evaluate whether their national laws allow transparency and international exchange of tax information (Phase 1). The review of Korea also looked at the effectiveness of Korea’s exchange of information in practice (Phase 1 plus Phase 2). These reports bring to a total of 70 the number of peer review the g Global Forum has completed since March 2010.