Financial Transparency Coalition

Criminals, especially drug traffickers, may have laundered around $1.6 trillion, or 2.7 per cent of global GDP, in 2009, according to a new report by UNODC. This figure is consistent with the 2 to 5 per cent range previously established by the International Monetary Fund to estimate the scale of money-laundering. Less than 1 per cent of global illicit financial flows is currently being seized and frozen, according to the report Estimating illicit financial flows resulting from drug trafficking and other transnational organized crime. "Tracking the flows of illicit funds generated by drug trafficking and organized crime and analysing how...

Most large-scale corruption cases involve using legal entities to conceal ownership and control of corrupt proceeds, and policymakers should take steps to improve transparency to reduce opportunities for wrongdoing, according to a study released today by the Stolen Asset Recovery (StAR) Initiative of the World Bank and the United Nations Office on Drugs and Crime. The report, The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It, examines how bribes, embezzled state assets and other criminal proceeds are being hidden via legal structures – shell companies, foundations, trusts and others. The...

Kazakhstan should complete the reform of its criminal legislation in order to comply with international standards and strengthen integrity in the public administration, according to a new report by the Istanbul Anti-Corruption Action Plan (IAP). The report commends Kazakh leaders for declaring that the fight against corruption is a top priority and for ratifying the UN Convention

Armenia should step up its fight against corruption by ensuring an effective enforcement of laws and giving institutions the resources they need to tackle it, according to a new report by the Istanbul Anti-Corruption Action Plan (IAP). Armenia’s leaders have recently taken steps to improve their country’s anti-corruption policies, legislation and institutions. However citizens and business still consider