Financial Transparency Coalition

WASHINGTON, DC—The United States should press for greater transparency and accountability in the global financial system at the G20 Summit meeting in Seoul, a coalition of civil society organizations said today. The G20 Advocacy Coalition brings together varied organizations - that share the view that increased transparency is essential to promoting economic development, alleviating poverty and realizing enjoyment of economic and social rights.

WASHINGTON, D.C.—The Task Force on Financial Integrity and Economic Development (Task Force) will have spokespersons available to provide commentary and insights related to the 2010 G-20 Seoul Summit November 11th and 12th.

The issue of stolen assets and their management, or lack of adequate management, by the global financial system is a component of the broader issue of illicit money and how it flows through the financial system to be transformed into licit, “usable” money. This physical process, often referred to as money laundering – a sort of modern alchemy, it is important for anyone to understand who is genuinely concerned with the fight against political or business corruption. In order to be successful at fighting corrupt practices, we need to know what these practices are and which ones work and which...

Oxfam International has released a new report calling on the G20 to make the connection between secrecy jurisdictions and the harm they do to developing countries. Section 5 of the report states:

All countries should be able to generate their own income by promoting fair taxation. Yet currently, many countries are constrained in their attempts to raise resources domestically or to apply appropriate tariffs because of problems in the international system. At the G20 London Summit in 2009, leaders promised to stand together against tax evasion and avoidance. The G20 should honour its commitments to tackle the tax havens that...