Financial Transparency Coalition

In Germany, the Social Democratic Party (SPD) has come out against the deal. Meanwhile, the European Commission has also said it will have to assess the legality of the deals but has not taken a firm position. The final withholding tax concept, known as ‘Rubik,’ was initially formulated by the Association of Foreign Banks in Switzerland (AFBS) and by Swiss banks to protect banking secrecy against the international moves towards automatic tax information exchange, which followed the global financial crisis.

SPD Plans to Block Rubik Ratification in Germany

The SPD’s financial concept note published last Monday rejects the agreement with Switzerland. It is...

Eurodad's Alex Marriage Details How a Robust Country-by-Country Reporting Standard Should Look The European Commission will make a proposal for introducing country-by-country reporting (CBC) for extractives industries and possibly forestry companies at some point this autumn. This comes following an EU Council request earlier in 2011 that called upon

“the Commission to come forward with initiatives on the disclosure of financial information by companies working in the extractive industry, including the possible adoption of a country-by-country reporting requirement, International Financial Reporting Standards (IFRS) for the extractive industry, and the monitoring of third-country legislation.”

This will then be submitted to...

PARIS – Greece’s ambitious programme to tackle its economic crisis can succeed in rebuilding growth, jobs and living standards if the reforms are fully implemented, according to a new OECD report.

Last summer, we reported that the Obama Administration planned to globally promote the Energy Security Through Transparency (ESTT) provisions (Sec. 1504) of the new Dodd-Frank legislation.  Now, it appears as though they've remained true to their word. Last July, after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the White House released a statement about Sec. 1504 saying (underlining added by me):

This provision is an essential new tool in promoting transparency in the oil and mineral sectors. This legislation will immediately shed light on billions in payments between multinational corporations...