Financial Transparency Coalition

At its annual conference last week, the Task Force on Financial Integrity and Economic Development identified concrete measures that could help developing countries to mobilise the resources needed to achieve the Millennium Developing Goals (MDGs) and go even further to help eradicate world poverty and lay the ground for a fairer global financial system. These measures include:

• taxing the USD 15 to 20 trillion of private wealth sitting in tax havens
• establishing accounting standards that oblige multinational companies to report their profits earned in every country
• or setting rules for the automatic exchange of tax information between countries.

The Task Force...

I’ve just blogged a letter sent to the FT by some of the leaders of the UK’s financial services industry in which they say:

If the only question is, “Is it legal and profitable?”, then all that matters is that what is done complies with the regulations in force and makes a profit for the seller and the institution they represent. At its most extreme this philosophy undermines any concern for the best interests of the customer, and subordinates these entirely to the pure self-interest of the seller in maximising profit as...

Some estimates suggest that illegal fishing causes an­nual financial losses of up to USD 23.5 billion. Much of this activity is carried out by large industrial fishing ves­sels which operate internationally. It results in a major loss of revenue and the effects on coastal states and the poorest countries, in particular, can be seen throughout the world. Illegal fishing (or illegal, unreported and unregulated fishing, often referred to as IUU fishing) ignores nation­al jurisdictions and international agreements to manage marine resources. The effects on coastal states and their communities can be seen throughout the world. Developing countries are especially hurt,...

Yaoundé, Cameroon, sits at the heart of Central Africa. The region is rich with mineral and forestry wealth which has been exploited ruthlessly by colonial powers and powerful corporations for centuries. You need only read the short historical paragraph on Yaoundé's Wikipedia entry to get a sense of this past and present intrusion by external powers. Much of Central Africa's wealth disappears offshore, and constant exploitation has exposed the region to deep rooted political and commercial corruption. This is the context in which tax justice researchers and campaigners...