Financial Transparency Coalition

Last week, China executed Wen Qiang, a former high-ranking member of the Chongqing judiciary on charges which included accepting bribes, protecting criminal gangs and even rape. The execution of Wen, charged with taking over 12 million yuan ($1.76 million) in bribes, is the climactic result of a massive crackdown on corruption in Chongqing which has resulted in nearly 100 officials being prosecuted. Despite the breadth of corruption in Chongqing, however, this is not an isolated problem in China. Rather, it is part of a...

LONDON—A May 2010 report from Christian Aid, Blowing the Whistle: Time’s Up for Financial Secrecy, reveals how the same tax-haven secrecy that allows football club owners to hide their business practices – and even their identities – is also facilitating massive tax dodging in developing countries.

It’s really very strange to note that Jersey Finance have issued a report criticising Christian Aid’s reports on transfer mispricing. There are a number of very good reasons for thinking it so, even before I turn to the deficiencies in the report they have issued. First of all, what, might one ask, has this to do with Jersey? It’s a good question, because it does not feature in those reports Christian Aid have issued. Nor would it seem likely that it should. Christian Aid’s work relates to mispricing of goods, not services. More than 50% of Jersey’s GDP is generated...

Washington — A new report released today from Global Financial Integrity (GFI) on private, non-resident deposits in secrecy jurisdictions finds that the United States, United Kingdom, and the Cayman Islands are the most popular destinations for financial deposits by non-residents. Switzerland, Luxembourg, and Hong Kong also make the top 10 list of destinations.