Financial Transparency Coalition

Ten years ago today, the New York Times reported the words of U.S. Treasury Secretary Paul O'Neill who, in testimony:

"dismissed as meaningless a document, based on government data, presented by the senator, Carl Levin, a Michigan Democrat, indicating that fewer than 6,000 of more than 1.1 million offshore accounts and businesses were properly disclosed and therefore legal. Pressed by Senator Levin about whether the disparity between reported offshore accounts and their actual numbers was significant, Mr. O'Neill replied: ''I find it amusing.''

The scale of it was startling, even then:

"His testimony, to the...

Watching President Obama, President Sarkozy, and Prime Minister Brown discuss the existence of a new Iranian nuclear facility this morning, I was eerily reminded of the briefing by NY District Attorney Robert Morgenthau that Global Financial Integrity and the American Interest sponsored a couple of weeks ago. Mr. Morgenthau warned of a growing relationship between Iran and Venezuela - a relationship that is fueling Iran's quest for nuclear weapons and which he believes poses a major threat to the United States. In his remarks, Mr. Morgenthau details how Iran is setting up shell corporations and...

Good to hear Matthew Rosen of the New York County District Attorney’s Office (Morgenthau’s team in other words) saying that the big problem with regard to shell companies in the USA is home grown. Tackle the problem of failing to collect data on beneficial ownership in the USA he says and you remove the biggest support to crime that the States now provides to white collar criminals. He described that as the certificate of incorporation of a US company. The failure to act he says hurts US credibility, harms the fight on crime and undermines all attempts to beat terrorist financing. So...

If you’re the type who’s not to be swayed against banking secrecy by arguments of tax or justice, I’ve got one for you: national security. It is now clear: international banking secrecy is solidifying a growing relationship between Iran and Venezuela – likely putting Iran one step closer to obtaining nuclear power. On Tuesday, at an event hosted by Global Financial Integrity and The American Interest, New York District Attorney Robert Morgenthau spelled out the mounting financial, military, and economic ties between the seemingly “unlikely bedfellows,” Iran and Venezuela. Ideologically the relationship makes sense. Both countries are self-described...