GFI et al: United States Should Promote Financial Transparency at Seoul Summit
November 8th, 2010
November 8th, 2010
Task Force member Global Financial Integrity has teamed up with several prominent American NGOs to call on the United States Government to take the lead on addressing transparency in the international financial system at this week’s G20 Summit in Seoul.
Here’s GFI’s full statement about the coalition:
Greater Accountability Would Improve Development and Rights, Alleviate Poverty
WASHINGTON, DC—The United States should press for greater transparency and accountability in the global financial system at the G20 Summit meeting in Seoul, a coalition of civil society organizations said today. The G20 Advocacy Coalition brings together varied organizations – that share the view that increased transparency is essential to promoting economic development, alleviating poverty and realizing enjoyment of economic and social rights.
Every year developing countries lose approximately $1 trillion in illicit financial flows—the proceeds of crime, corruption and tax evasion. That is roughly ten times the amount of official development assistance forthe developing world.
“This is a crucial time for the global economy,” said Tom Cardamone, managing director of Global Financial Integrity, a coalition member. “Our goal is to raise awareness of how illicit financial flows undermine economic development efforts in poor countries and contribute to corruption, crime and poverty. We’re pressing for changes that will curtail these harmful outflows.”
The coalition of civil society organizations represents a broad array of issues and interests, including human rights, poverty alleviation, economic development, business policy and international security. It includes Oxfam America, Human Rights Watch, EarthRights International, ONE, Tax Justice Network USA, New Rules for Global Finance, and the Center for International Policy.
In a letter circulated to key figures on the U.S. G20 delegation, the Coalition states: “The G20 has claimed, ‘The era of bank secrecy is over.’ It is now time for the United States to step forward and make that claim a reality.”
The group’s main recommendations are:
“These steps would inject much-needed transparency into the global financial system and help ensure that governments are accountable to their people and that public funds are invested to help them realize their rights,” said Arvind Ganesan, director of business and human rights at Human Rights Watch.
*For a complete list of G20 Advocacy Coalition organizations:
You can promote financial transparency, yourself, by signing the G20 Transparency petition, which calls on the G20 to tackle the same 3 recommendations.