Financial Transparency Coalition

LONDON – Bloomberg and Reuters news agencies have reported that the International Monetary Fund has halted its loan programme with the Democratic Republic of Congo because of concerns over transparency in the country's mining sector. While Congo is clearly in desperate need of funds, Global Witness believes that concerns over possible corruption in the country's mining sector were so serious that the IMF was justified in stopping its lending.

The recent independent report on Kabul Bank scandal points out to the urgency to transform the country’s laws and institutions, from the financial sector to the justice system. The team that published the report are to be congratulated for shedding light on a “ponzi scheme” scandal that involves the theft of US$900 million.

Investigations carried out by the Guardian and the BBC's Panorama programme into the ease with which anonymous shell companies can be used to move dirty money around the world are on the front page of today’s paper and being broadcast tonight at 20.30 on BBC One. Their findings match those of Global Witness and others.

WASHINGTON, DC – Civil society organizations welcomed today's release of the Department of Justice (DOJ) and Securities and Exchange Commission's (SEC) new guidance for businesses on the Foreign Corrupt Practices Act (FCPA), the U.S. law that makes it illegal to bribe foreign officials. The FCPA creates a strong and effective mechanism to fight financial fraud and corruption, which impede economic growth and raise the costs of doing business internationally.