Financial Transparency Coalition

This weekend, The Economist—building off information discovered by Task Force member Global Witness—released an extensive feature on the operations of the "Queensway syndicate," a corporate partnership centered around the trade of oil from Angola to China.  Through a series of shell companies, family relations, and personal ties dating back to the Cold War, a network of Chinese and Angolan business-people purportedly dominate many African resource markets, generally doing so through illicit means. In order to gain access to valuable mineral resources across the African continent, the syndicate allegedly promised developmental aid, generally in the form of infrastructure development,...

WASHINGTON, DC – Global Witness applauds Senators Levin (MI-D) and Grassley (IA-R) for introducing legislation that would make it harder for corrupt politicians, tax dodgers, drug traffickers, terrorists and other criminals to form and hide behind anonymous U.S. shell companies. The Incorporation Transparency and Law Enforcement Assistance Act would require those who set up companies in the U.S. to provide information about the beneficial, or ultimate, owner of the company to the state.

Last week, The Daily Show with Jon Stewart lampooned the failure to implement many elements of the Dodd-Frank Consumer Protection Act, even one year after the law's passage.  One of the most important elements awaiting approval is Section 1504 (also known as the Cardin-Lugar provision), which would require extractive industries to "Publish What they Pay" to governments in gaining access to the natural resources of a country, in order to prevent illegal activities and exploitation.  However, delays from the SEC prevent the regulations from actually being implemented.  Beyond the obvious humanitarian benefits, and improved economic competition that come with transparent...

LONDON – The recent publication by the Democratic Republic of Congo of dozens of its oil and mining contracts online shows promising commitment to its recent transparency pledges said Global Witness today. Particularly welcome is the publication in the past fortnight of one of the country’s most controversial deals – the attribution of previously confiscated oil blocks to two previously unknown companies. These are positive signs, but there is a long way to go - the government has still not published several key contracts, and Global Witness is today publishing the major amendment to a multi-billion dollar Chinese deal.