Financial Transparency Coalition

The World Bank’s private-sector entity - the International Finance Corporation (IFC) - seeks to increase tax payments to the government in developing countries through supporting their natural resource projects. This report documents that this aim can be undermined by IFCclients’ tax planning. IFC’s response is that “it is not likely to be true in almost all projects within the extractive industries”. IFC wants to “create opportunity for people to escape poverty and improve their lives” through private-sector development in poor countries. Oil, gas and mining companies are among those receiving support from IFC. For each project IFC mentioned, the ...

Read of the Week: The Uphill Battle Against Money Laundering The Council on Foreign Relations Blog, October 28, 2011 SC to hear plea for recovery of looted wealth today Dawn.com, October 31, 2011 The Corruption Trap INSEAD Knowledge, October 24, 2011 100Reporters Launches — Groundbreaking New News Organization with Focus on Exposing Corruption in Governments,

Corruption thrives on secrecy, when undisturbed by public access to information about government and business activities. Countering it requires public participation and transparency in anti-corruption efforts and in governance. This is recognised in the UN Convention against Corruption in Article 13 on civil society participation and access to information and in other UNCAC provisions. Additionally, Article 19 and other provisions of the UN Covenant on Civil and Political Rights, provide for a right to freedom of expression and to access to information held by public bodies and calls on states of their own accord to put information of public interest...

The time has come to act. Beyond shedding light on the devastating impact of grand corruption, the Arab spring has revealed major anti-money laundering deficiencies, and the huge difficulties of getting the money back even after the dictator has been pushed from power. Corrupt money transferred out of developing and transitional economies is conservatively estimated at US$20 to US$40 billion per year. Hundreds of billions in much needed funds for development have already been taken over the last few decades. While recovery of stolen funds could greatly contribute to development in those countries, prevention of such outflows through greater financial...