Financial Transparency Coalition

On Monday, October 10, a variety of prominent Indian business leaders under the larger title of India Inc released their second open letter to the Indian government. This letter argues for the need to make striking changes to India’s legislation regarding bribery and corruption. It was written with an eye toward a newly proposed law called the Lokpal Bill which has been discussed extensively over the past year and is expected to be formally presented before India’s parliament in the near future. This bill intends to fight corruption by creating an ombudsman-style body with the power...

This fall is shaping up to be a critical season for financial transparency. As the Task Force on Financial Integrity and Economic Development prepares for its annual conference on October 6-7, key decisions on country-by-country reporting are anticipated in the U.S. and from the European Commission. Meanwhile, international attention to tax loss facilitated by financial secrecy continues to grow as the global economic crisis drags on. Recently, PWYP Norway’s Piping Profits report highlighted the role regulatory gaps can play in shaping the tax strategies of multinational companies, often to the fiscal detriment of the countries they operate in. The report...

Taxation plays an important role in democratic governance and market economies. Tax revenue finances social and physical infrastructure. It reinforces national sovereignty. When coupled with good governance and institutions, it ensures that the costs and benefits of development are felt across society.

Last May, President Obama delivered his widely viewed “Arab Spring” speech, in which the President made a clear link between combating corruption, the stability of nations and human dignity. Unfortunately, proposed amendments to the Foreign Corrupt Practices Act (FCPA) by the U.S. Chamber Institute for Legal Reform, an affiliate of the U.S. Chamber of Commerce, go against the current global trend, and threaten to undermine America’s role as a global leader against corruption. I attended a FCPA briefing on Capitol Hill on September 16th for a new report, “Busting Bribery: Sustaining the Global Momentum of the Foreign Corrupt Practices...