Financial Transparency Coalition

BERLIN – Corruption continues to plague too many countries around the world, according to Transparency International’s 2011 Corruption Perceptions Index released today. It shows some governments failing to protect citizens from corruption, be it abuse of public resources, bribery or secretive decision-making. Transparency International warned that protests around the world, often fuelled by corruption and economic instability, clearly show citizens feel their leaders and public institutions are neither transparent nor accountable enough.

A forthcoming report by Global Financial Integrity finds that Syria lost US$23.6 billion in illicit financial outflows from 2000-2009 Syria's regime, led by President Bashar al-Asad, is on the ropes. Protests began in January, following uprisings across the Arab world, and have continued despite the regime's efforts to stop them.  These actions, according to Reuters, included having the Syrian Navy shell protesters in the city of Latakia, killing 36. Even after the crackdown, Syrian officials have not succeeded in quelling the protests. In a sign that the regime may be failing, the Financial Times reported that...

In June of this year, the U.S. Senate published a report evaluating U.S. foreign assistance to Afghanistan that emphasizes the unsustainability of the current foreign assistance strategy. Of particular interest is the key point that the “U.S. government relies heavily on contractors in Afghanistan, but multiple reports have raised alarms about the lack of robust oversight and accountability for multi-billion dollar investments.” The reality is that when these private companies are found guilty of corruption, the consequences, if any, are low.

WASHINGTON, DC – Yesterday, Rep. Carolyn B. Maloney (D-NY), Rep. Barney Frank (D-MA) and Rep. Stephen F. Lynch (D-MA) introduced legislation, which would require that the beneficial owners of corporations and limited liability companies (LLCs) be disclosed at the time companies are formed. Anti-corruption watchdogs, law enforcement groups, and human rights organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act, a crucial tool in aiding law enforcement and keeping criminal and tax evading money out of the United States.