September 25th, 2009
Global Financial Integrity just put out a statement lauding the G20's commitment to end banking secrecy, increase transparency in global finance and curtail illicit financial flows from developing economies. Check out the full text of the speech below:
Washington, DC -- The G-20 reaffirmed its commitment to pressing uncooperative secrecy jurisdictions to adopt more rigorous reporting standards, tackle banking secrecy, and increase overall transparency in global finance in a communiqué released at the conclusion of today's summit in Pittsburgh.
"Transparency and accountability in global finance are the cornerstones of a strong and robust world economy,"...
September 25th, 2009
So far, these are the really significant pieces that I've pulled from the
statement while skimming through it.
In the
Preamble section:
22. To take new steps to increase access to food, fuel and finance among the world’s poorest while clamping down on illicit outflows. Steps to reduce the development gap can be a potent driver of global growth.
In the "
A Framework for Strong, Sustainable, and Balanced Growth" section:
14. We call on our international accounting bodies to redouble their efforts to achieve a single set of high quality, global accounting standards within...
September 25th, 2009
The New York Times is reporting that another US private banking client (Juergen Homann) of UBS has pleaded guilty in a tax evasion case. According to the
NY Times:
In court filings, federal prosecutors accused Mr. Homann of deliberately failing to submit a form known as an F-bar in 2007 disclosing his UBS accounts and of using a foundation in Liechtenstein, a noted tax haven, to conceal the trail. The filings said that Mr. Homann concealed $5 million from United States tax authorities by shifting that amount from his UBS account to a sham...
September 17th, 2009
The Guardian--Jersey's compliance with international financial regulation and supervision rules is rated ahead of the UK, according to a detailed study by the International Monetary Fund (IMF).
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