Financial Transparency Coalition

I spoke at the launch of a new report I have written last evening in Bergen, Norway. The report is entitled ‘Investments for Development: Derailed to Tax Havens’. The report focuses on the use of tax havens / secrecy jurisdictions as investment conduits by Development Finance Institutions (DFIs). They are state owned companies located in European companies that invest their capital in developing countries for the express purpose of advancing development in those places by promoting investment in local business. The best known in the UK is CDC plc, formerly the Commonwealth Development Corporation. DFI activities can...

The report, entitled ‘Investments for Development: Derailed to Tax Havens: A report on the use of tax havens by Development Finance Institutions,’ looks at a critical area in the development activities of many European countries – the role of the Development Finance Institutions that they own in funding private sector investment in developing countries.

BRUSSELS—A debate was held on transparency and extractive industries in Africa at the European Parliament on 15 September 2010, organised by CIDSE, an international alliance of Catholic development agencies and its partner organisation SECAM, the pan-African bishops’ conference. The debate highlighted how “the lack of transparency is killing the African people,” as stated by Bishop Louis Portella-Mbuyu of Congo-Brazzaville, who for years has fearlessly challenged his government and transnational extractive companies. EU legislation could contribute to recuperating the huge amount of uncollected tax revenue, far surpassing development aid. The European Commission recently reviewed its EU transparency regulation setting up transparency...

The General Assembly of the United Nations adopted the attached outcome document for the 2010 Millennium Development Goals (MDGs) Summit by consensus on September 22, 2010. The document puts forth an action agenda for achieving the MDGs by 2015; the agenda includes tackling the issue of illicit financial flows as one of the action items.