New research shows how open data can help curb illicit financial flows
October 5th, 2016
Technology has the power to change the way we understand our world. And this is no different for illicit financial flows.
While more and more data is making its way to the public (due to increased financial transparency requirements), it’s important that standards are in place to make data analysis as streamlined and uniform as possible. If information is published in open data formats, the information can be sorted, analyzed, and manipulated so that legislators, journalists and citizens can have a better understanding of the world around them. Whether that’s understanding how much in taxes a multinational corporation is paying on a country-level basis, finding the web of owners of a corporate structure, or seeing where your tax dollars are being spent in the budgeting process, open data standards will enable citizens to become more engaged in the public debate.
With this in mind, we’ve recently launched a new working paper, Letting the Public In, which explores what it means to have information in open data formats, how to develop ‘gold standards’ that governments can adhere to, and what a data revolution can mean for financial transparency and illicit financial flows. Looking at beneficial ownership, country-by-country reporting for multinational corporations and the automatic exchange of financial information, the study and accompanying policy brief provide new standards for the coming influx of data and information.