Financial Transparency Coalition

In many ways, both illicit financial flows and corruption are undefined and relative. For that reason, they’re both notoriously difficult to measure. The difficulty in measuring them in the first place may be part of the ambiguity surrounding their connection. Ambiguity aside, however, these concepts are highly interrelated. Here’s how. What is corruption in the first place? Transparency International uses the following working definition of corruption: “the abuse of entrusted power for private gain.” I imagine that definition is purposively vague and inclusive on purpose. Corruption isn’t just bribe paying, although that’s often it. It’s not just in business relationships, but...

Technological advancements in currency are already challenging our efforts toward transparency. As I’ve discussed before, digital currency, most notably Bitcoin, grant added flexibility and opacity to the international financial system for criminals, money launderers, and tax evaders. If trends continue on their current trajectory, these technological developments, namely digital currency, will represent a significant obstacle to stemming the continued tide of illicit financial flows from developing countries. Yet there are other technological—and digital—pathways for criminals to launder money. These are still not well-understood, but are nonetheless vitally important. The earlier—and better—we can understand them, the better our chance of tackling...

New index reveals UK runs biggest part of global secrecy network TJN’s 2013 Financial Secrecy Index exposes yawning gap between G20 rhetoric and reality Today the Tax Justice Network launches its 2013 Financial Secrecy Index, the biggest ever survey of global financial secrecy. This unique index combines a secrecy score with a weighting to create a ranking of the countries that most actively and aggressively promote secrecy in global finance. Click here for the Financial Secrecy Index. This new edition of the Financial Secrecy Index shows that the United Kingdom is the most important global player in the financial secrecy world. While the...

Stefanie Ostfeld and Dietlind Lerner co-authored the below Op-Ed appearing on CNN’s website. (CNN) — Last winter, the Chicago Crime Commission and the U.S. Drug Enforcement Administration named Mexican billionaire Guzman Loera the city’s “Public Enemy No. 1.” Also known as “Shorty,” Guzman heads the world’s largest narcotics operation, the infamous Sinaloa cartel, and allegedly