Financial Transparency Coalition

The OECD Working Group on Bribery has just adopted its first evaluation report of Russia’s implementation and enforcement of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (OECD Anti-Bribery Convention). The Working Group on Bribery notes that some concerns remain in Russia’s legislation for fighting foreign bribery that will need to be further reviewed during Phase 2.

Using consistently credible sources the resulting estimate of tax evasion in the European Union is approximately €860 billion a year. As the report notes, estimating tax avoidance, which is the other key component of the tax gap in Europe, is harder. However, an estimate that it might be €150 billion a year is made in this report. In combination it is therefore likely that tax evasion and tax avoidance might cost the governments of the European Union member states €1 trillion a year. These losses can only be accurately located with regard to tax evasion. Italy loses the most...

Russia today took a major step toward upholding international anti-bribery standards by depositing its instrument of accession to the OECD Convention at a ceremony at the OECD in Paris. OECD Secretary-General Angel Gurría received Russia’s instrument of accession from First Deputy Minister of Foreign Affairs Denisov and First Deputy Minister of Justice Fedorov. OECD Secretary-General Angel Gurría received Russia’s instrument of accession from First Deputy Minister of Foreign Affairs Denisov and First Deputy Minister of Justice Fedorov.

The Financial Action Task Force, the global standard-setter in the fight against money laundering and terrorist financing, has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat these crimes. The revisions, made with inputs from governments, the private sector, and civil society, provide authorities with a stronger framework toact against criminals and address new threats to the international financial system. The cost of money laundering and underlying serious crime is very large, estimated between 2 and 5% of global GDP. The revision will...