Financial Transparency Coalition

As Libya prepares for the future, what are financial centres doing to stop the flow of stolen assets from dictators? The following is adapted from a speechmade by Transparency International’s vice-chair, Akere Muna, at the UN public service forum in Dar es Salaam, United Republic of Tanzania. If corruption, especially money laundering and bribery are to be tackled, we need to see action not only from developing countries, but also countries that are home to major financial centres. Here in Africa there is wide recognition that poor governance is one of the biggest barriers to sustainable development, what is missing is recognition...

LONDON - The new tax deal between the UK and Switzerland amounts to collusion with criminality and will seriously damage poor countries’ attempts to collect the billions they lose to tax dodgers, Christian Aid is warning.

The tax deal between the UK and Switzerland initialed today is reported to:

retrospectively tax existing banking relationships in Switzerland, persons resident in the UK should be given one chance to make an anonymous lump-sum tax payment. The size of this tax burden will vary from between 19% to 34% of the assets in question, and will be determined based on the duration of the client relationship as well as the initial and final amount of the capital. Instead of such a payment, those affected should also have the possibility of disclosing their banking relationship in Switzerland to the British authorities.

To...

LONDON – Ministers should urgently rethink plans for a deal with Switzerland which would see UK tax evaders let off lightly while harming poor countries, says Christian Aid.