This weekend, G20 leaders should roll up their sleeves and work on common sense measures to curb illicit cash
November 14th, 2014
November 14th, 2014
BRISBANE—While G20 leaders are poised to address many of the vehicles that are integral to allowing almost one trillion dollars to flow out of developing countries each year, political pressures should not force talks to backtrack.
“The fact that so many of the world’s leaders are in one place is a rare opportunity to get things done,” said Porter McConnell, Manager of the Financial Transparency Coalition. “The summit should not be seen as a rubber stamping process; heads of state should use their 48 hours in Brisbane wisely to reach consensus on some common sense measures before them to curb illicit financial flows.”
The Luxembourg Leaks investigation demonstrated that tax dodging and profit shifting aren’t just a problem for the tax havens that enable them; the affects are felt in countries all over the world.
“Often the most detrimental affects are felt by developing country governments that see profits magically shifted out of their jurisdictions and into tax havens,” said Savior Mwambwa, Policy and Advocacy Manager for Tax Justice Network Africa and FTC board member.
Last week, the FTC’s Chair Alvin Mosioma co-signed an open letter calling on G20 leaders to show leadership on financial transparency in Brisbane by putting “people at the heart of (their) decision”.
Meanwhile, the European Commission and European Parliament continue to move the ball forward around the creation of public registers of beneficial ownership. Just last week, Denmark became the latest country to announce plans to create a public register of the real owners of companies operating within its borders.
“G20 leaders don’t want to be on the wrong side of history,” said McConnell. “As financial transparency becomes more and more central to the strength of the global economy, G20 leaders can take concrete steps to ensure a healthy financial system.”
The Financial Transparency Coalition calls on the G20 to act on three priority areas:
Notes to Editors:
 Members of the FTC team will be inside the International Media Center at the G20 Summit and other experts will be available in global markets.
Christian Freymeyer, firstname.lastname@example.org, +1.410.490.6850
Verena von Derschau, email@example.com, +184.108.40.206.29.28
 The Financial Transparency Coalition is a global network of over 150 NGOs spanning five continents, 13 governments, and dozens of experts. We work to curtail illicit financial flows through the promotion of a transparent, accountable, and sustainable financial system that works for everyone.
RT @latindadd: Regina Paiva Duarte: los incentivos fiscales no son compatibles con la emergencia climática ni con la perdida de bioversidad…
- Thursday Mar 23 - 7:48pm