Financial Transparency Coalition

The final communiqué released following the conclusion of the G20 Finance Ministers and Central Bank Governors' meeting on April 23, 2010.

By Richard Murphy -- Development Finance Institutions (DFIs) are state owned companies located in European countries that invest their capital in developing countries for the express purpose of advancing development in those places by promoting investment in local business. In this respect their activities can be compared to that of the European Investment Bank (EIB) and International Finance Corporation (IFC) – a part of the World Bank. All these institutions are closely related in the way they operate, including the use of tax havens in their investment operations or those of their beneficiaries. Therefore, the concerns raised and proposals...

Today, the Foreign Minister of Norway unequivocally declared that illicit financial flows channeled through tax havens are a significant impediment to economic development in the developing world. In a speech before the Storting, the Norwegian Parliament, Foreign Minister Jonas Gahr Støre stated:

Illicit capital flows, frequently channelled through tax havens, are a significant obstacle to economic and social progress in many developing countries. This has become even more apparent during the financial crisis. Increasing attention is being paid to the problem of tax evasion in countries such as the US, the UK and...