Financial Transparency Coalition

LONDON – Transparency of Libya’s oil wealth must be a key priority of Thursday’s negotiations over the country’s future, said Global Witness today. The meeting, which is to be co-chaired by UK Prime Minister David Cameron and France’s President, Nicholas Sarkozy, could mark a crucial step along the path to future peace and prosperity in Libya.

$33 Billion Illicitly Left Libya between 2001-2009, Says Global Financial Integrity Since the forces of the Libyan Transitional Council entered Tripoli last week, Muammar Qaddafi has not been seen, presumably hiding or on the run from the revolution aimed at ending his 42-year rule.  But as pointed out on ABC News last Wednesday, much of the money he looted from the country over the past 4 decades is still at large as well. Citing Global Financial Integrity (GFI) research, ABC notes that at least $33 billion dollars left the country through illicit means in...

As Libya prepares for the future, what are financial centres doing to stop the flow of stolen assets from dictators? The following is adapted from a speechmade by Transparency International’s vice-chair, Akere Muna, at the UN public service forum in Dar es Salaam, United Republic of Tanzania. If corruption, especially money laundering and bribery are to be tackled, we need to see action not only from developing countries, but also countries that are home to major financial centres. Here in Africa there is wide recognition that poor governance is one of the biggest barriers to sustainable development, what is missing is recognition...

LONDON – With Colonel Gaddafi’s 42 year dictatorship apparently drawing to a close, the Libyan National Transitional Council (NTC) and supporting countries must put measures in place to guard against a Libyan “oil grab” and ensure the Libyan people benefit fully from the exploitation of Libya’s natural resources, said Global Witness today.