Financial Transparency Coalition

LONDON - Global Witness calls for a thorough investigation into HSBC, Citibank and Abbey National (now owned by Santander) for their roles in the laundering of millions of pounds by James Ibori, former governor of Nigeria’s oil-rich Delta State. Ibori pleaded guilty to ten counts of money laundering and fraud in relation to an estimated $250 million of stolen state assets on 27 February; today was the first day of his sentencing hearing.

Last week Coutts, banker to the Queen, was fined £8.75 million for failing to take corruption risk seriously enough. The Financial Services Authority (FSA) found problems with over 70 percent of the client files they reviewed; in some cases, allegations that customers were involved in looting state funds were brushed aside by bankers keen to increase the bank’s profits - and presumably their own bonuses.

Global Witness's Robert Palmer writes about the importance of following illicit money, how difficult it can be to do so, and how the new FATF rules can make a difference.

Today is an important day for the tax justice movement in the United States. The U.S. Senate will consider an amendment (SA 1818, Levin-Conrad) that will allow the Department of Treasury to take action against foreign financial institutions that, "significantly impede U.S. tax enforcement." The Senate should pass this amendment.