Financial Transparency Coalition

WASHINGTON, D.C.—A report released today from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited. The new report, The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006, rounds-out the groundbreaking analysis put forward in GFI’s 2008 report Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that the developing world was losing $1 trillion per year to illicit financial practices. The report will be revealed at a media event May 13th,...

The TJN blog just pointed out this video, titled "Don't bank on the Isle of Man." Building on the previous "Don't Bank on the Isle of Man" videos, it's turning out to be quite a series. Of course, it also has a serious point - that banking in offshore, low-regulation, secrecy jurisdictions carries very serious risks.

Bloomberg -- Swiss banks proposed a withholding tax for foreign clients as they bid to fend off attacks on banking secrecy by the U.S., Germany and France.

ZURICH (Dow Jones)--UBS AG's (UBS) organizational and operational restructuring is on track, but the Swiss bank's efforts to renew client trust will require long and hard work, Chief Executive Oswald Gruebel warned.