Financial Transparency Coalition

Indian finance minister Pranab Mukherjee called for international pressure to force non-cooperative jurisdictions to share information about the money they hide at an Asian Development Bank Governors’ seminar last week. This comes in the wake of a series of moves by India to crack down on the huge black money flows out of the country. Earlier in the year Mukherjee made similar comments in the build up to a meeting of G20 finance ministers, arguing for an “effective multilateral platform for automatic, spontaneous and requested exchange of information”. India also demonstrated its commitment to financial transparency by joining...

The FT reports:

Britons with billions of pounds hidden in Switzerland will pay tax at 50 per cent under a groundbreaking deal that will legitimise their undeclared assets, according to a source familiar with negotiations between the Swiss and British governments. The agreement, which is expected to be announced this month, marks a shift in emphasis in the international crackdown on tax havens. Over the past two years, the focus has been on lifting bank secrecy and exposing evaders. Under the deal, £3bn is expected to be raised over the course of this parliament and investors will also pay a one-off...

Switzerland has made distinct progress in its combat against money laundering. Yet there are still significant gaps. Switzerland was the trailblazer in the fight against money laundering in the 1990s, but it is now following in midfield. Implementation is still at a high level, but when it comes to the non-banking sector and the reporting of suspect cases, the Swiss Anti-Money Laundering Act (AMLA) still has considerable shortcomings. The standard is higher in the banking sector precisely because the internationally active banks must conform to more than just the Swiss AMLA. The international anti-money laundering standard is laid out...

Raymond Baker, director of Task Force member Global Financial Integrity, appeared on two separate TV channels/shows on Friday: CBS (CBS Evening News) and Bloomberg (InBusiness). Watch Mr. Baker discuss the assets of Libyan leader Muammar Qaddafi on Friday's CBS Evening News: