Financial Transparency Coalition

WASHINGTON, DC – Global Financial Integrity (GFI) praised the G20 today for its commitment to tackle the issue of illicit financial flows and crack down on tax haven secrecy. In the final declaration and its appendices published at the conclusion of a two-day summit in Cannes, the 20 largest economies committed to “deal effectively with tax havens and non cooperative jurisdictions including the fight against illicit capital flows considering their impact on development.”

The Financial Action Task Force (FATF) is a global, instrumental inter-governmental group that develops and promotes policies battle money laundering and terrorist financing. The FATF issues a set of recommendations to outline criminal justice and regulatory measures that countries should implement to effectively fight these problems. This set includes the FATF’s 40 Recommendations, which cover a complete list of anti-money laundering (AML) measures and span the criminal justice system, law enforcement, the financial system, financial regulation, and international co-operation. Additionally, the FATF releases 9 Special Recommendations, which specifically address terrorist financing. Together the 40+9 Recommendations form the international standard for...

In June 2011, the Financial Action Task Force (FATF), published it's second public consultation paper seeking input as the organization conducts a review of its 40+9 Recommendations. Attached is the official response from the Task Force on Financial Integrity and Economic Development (Task Force).

In June, Reuters released the first article in "Shell Games," their ongoing series of investigations into corporate secrecy. The piece, "A little house of secrets on the Great Plains," exposed Wyoming's lax incorporation laws. Featured prominently in the story was a house in Cheyenne that was the official headquarters of over 2,000 corporations, including some suspected of helping corrupt foreign leaders and dodging online gambling laws. Wyoming has some of the most relaxed business incorporation rules in the country (along with Nevada and Delaware), which has made it a haven for those looking to establish shell companies, or...