Financial Transparency Coalition

Transcendent New Book Links Financial Crisis, Corruption, Crime to Offshore System It links terrorism to the financial crisis, corporate tax evasion to Mexican drug cartels, corrupt kleptocrats in developing countries to the ruling elites in some of the biggest countries in the world. It is the very opaque offshore financial system, and it is the focus of Nicholas Shaxson's enlightening new book, "Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens," which was just published in the United States this week. Reading like a John le Carré thriller, Treasure Islands whisks you from the echelons of...

I have suggested that if we are to reform offshore we have to start at home, and have detailed a programme of reform that many governments would have to undertake. I have also suggested a programme of reform for secrecy jurisdictions and for the international arena that regulates those secrecy jurisdictions. But that is not enough. Regulation enforces rules. The fact is that hearts and minds also have to be won over for change to be effective in the long run. For this to happen there needs to be reform in the...

I have suggested earlier today that if we are to reform offshore we have to start at home. I have three goals. The first is to make sure there is information on public record to ensure that the users of limited liability entities, trusts and other related entities are accountable for what they do, as follows:

1. All companies to be registered with full details of the following on public record:
   1. All beneficial owners, with nominee intermediaries also disclosed;
   2. All directors on public record and the full names of all those in accordance with whose instructions...

I was asked recently what ten issues I would prioritise if I was to tackle offshore. The person making the request didn’t want much detail, just a list, but I’m not that good at doing “just lists” so I thought I’d share my thinking over a number of blogs. First things first, I’d not list ten things. That suggests there are discrete action points in this area, and I’m not sure that’s true. So I offer five areas of activity where I’d develop issues, as I will in the blogs to come. They are: 1....