Financial Transparency Coalition

LONDON - The massive cache of leaked documents demonstrates how hidden ownership of shell companies facilitates corruption, tax dodging and other crimes. Mr. Cameron has made a welcome promise to make tax and financial transparency priority issues at the meeting of G8 leaders in Northern Ireland this June.

Addressing anonymous shell companies andhidden company ownership will be essential to successfully stemming the flow of illegal weapons around the world and protecting the innocent civilians who suffer from their proliferation. On April 5, it will be one year since Viktor Bout, also known as the Merchant of Death, was sentenced to 25 years in prison, finally putting an end to his notorious career as a weapons trafficker. Bout was convictedon terrorism charges in the Southern District of New York, including conspiring to kill Americans and provide material support to terrorists.

If you only watch one video today, this one is for you. Task Force member Global Witness published their stunning investigation today. The documentary uncovers how corruption is facilitated in Malaysia. Hidden cameras show Malaysian money launderers explaining exactly how they are going to set up an anonymous shell company (complete with finding rural villagers to sign their names on as nominee shareholders), buy massive amounts of land from corrupt Malaysian officials, and move the money to a secret Singapore bank account. Malaysia lost $285 billion in 2001-2010 to illicit financial outflows, and Global Witness has vividly demonstrated how such...

LONDON / WASHINGTON DC - The British bank, HSBC, made a $20.6bn profit in 2012 and paid its CEO a $3m bonus, it was announced today. This is in spite of the fact that HSBC was fined a record $1.9bn for doing business with Mexican drug lords, terrorist financers and pariah states.