Developing countries are being undermined by rich nations' greed
January 2nd, 2014
Given impressive developments in the realm of financial transparency by the G20 in 2013, it would make sense to be optimistic for 2014. But perhaps this year’s G20 host, Australia, has yet to read the memo?
According to a recent study Measuring OECD Responses to Illicit Financial Flows from Developing Countries, of the eight Financial Action Task Force recommendations related to customer due diligence and record-keeping by banks, Australia actually comes out worst of all OECD member countries, failing to comply with six of eight recommendations – and only partially complying with the other two!
In an opinion piece for the Sydney Morning Herald, FTC member GFI’s Tom Cardamone and Clark Gascoigne share their thoughts on steps Australia must take before world leaders gather in Brisbane for the 2014 G20 summit.