Financial Transparency Coalition

The Energy Security Through Transparency (ESTT) Act takes important steps towards reversing the resource curse by revealing payments made here and abroad to governments for oil, gas and minerals. The resource curse describes a phenomenon in which countries with rich natural resource endowments often end up with high rates of poverty, corruption, conflict, and poor governance rather than prosperity. Good governance in extractive industries contribute to a better domestic investment climate for U.S. businesses, increase the reliability of commodity supplies, promote greater U.S. energy security and thereby strengthen our national security.

A new briefing paper, titled "The Links Between Tax Evasion and Corruption: How the G20 Should Tackle Illicit Financial Flows," sent to the G20 from Christian Aid, Global Financial Integrity, Global Witness, and Tax Justice Network highlights what the G20 should do to address illicit financial flows.

Attached are the official communique and declaration made by the G20 Finance Ministers at their summit on September 5, 2009. Additionally, attached is a progress report on the actions taken by the G20 at its previous 2 summits.

The September 2nd 2009 update of the OECD grey/black list of uncooperative jurisdictions.