Financial Transparency Coalition

LONDON - New information suggests that the US$1.1 billion paid by Shell and the Italian energy company ENI for a Nigerian oil block could fall foul of anti-corruption legislation and highlights the urgent need for strong disclosure laws across the EU. A directive being discussed by the EU Council and Parliament must require full “project-by-project” disclosure to ensure such payments are publicly reported.

A new UN report finds that illegal logging is on the rise in part due to increased levels of organized criminal activity around logging. Brad Plumber of Wonkblog writes...

Corrupt dictators who take bribes and loot their treasuries are rightly condemned by governments and other observers in developed countries. But the extent to which this plundering is aided by lax and weakly enforced money laundering laws in the West has too often escaped notice. It is remarkably easy for these criminals to hide their identities behind anonymous shell companies and bank secrecy in order to bring their dirty money into the United States and Europe.

WASHINGTON, DC – Two recent articles published in The New York Timesexpose how criminals, terrorists, corrupt foreign politicians, and tax evaders abuse anonymous U.S. shell companies to launder their profits and impede law enforcement investigators, highlighting the need—says Global Financial Integrity (GFI)—for Congress to enact legislation requiring disclosure of the true (human) beneficial owners of corporations, trusts and foundations.