Shortly after being appointed CEO of the Japan-based company Olympus, Michael Woodford discovered a massive case of fraud within the company. When he tried to raise the alarm internally, calling on board members to explain the exorbitant fees – amounting to hundreds of millions of US dollars – paid to obscure companies, some of them […]
From one corruption fighting organisation to another, hats off to Global Witness. Founder Charmian Gooch and her colleagues have been recognised for their stellar efforts to highlight the damage done by corrupt practices in the extractives sector. In her award winning TED talk, Gooch highlighted the role of ‘the facilitators’ – global banks and global […]
If you have not yet made it to the gym, fear not. Exchange that new year’s resolution for another: learn a new language. But make sure you learn one which has a more practical purpose than ordering a drink or finding one’s way to the swimming pool. It’s time to learn the lingo of bankers […]
Over the past half-century, national governments have developed complex regulatory structures to oversee public health, banking, utilities, food safety, communications, transportation and other industries. By the 1980s, however, the United States and United Kingdom began pushing the policy pendulum in the other direction – deregulating industries sector by sector. Through international organisations, governments around the […]
The arrest in China of four GlaxoSmithKline executives on charges of bribery highlights an important reality that companies ignore at their peril. As we have seen in other areas, most notably in financial crime or money laundering, the ways and means of committing a criminal act can and do evolve. A trench-coated operative wearing dark […]
Austria needs to make its banks more transparent and join the international movement to end secrecy in the fight against illicit financial flows and tax evasion as Dr. Kurt Bayer and Dr. Edith Kitzmantel of Transparency International Austria explain. Last month Austria’s Chancellor Werner Faymann signaled that Austria is ready to make the country’s notoriously […]
The Task Force on Financial Integrity and Economic Development has changed its name to the Financial Transparency Coalition. Porter McConnell, its new manager, explains why. When the Task Force on Financial Integrity and Economic Development was created in 2009, only a handful of experts were following the issue of illicit financial flows. The subject was […]
Last week the massive “Offshore Leaks” investigation by the International Consortium of Investigative Journalists reported the uncovering of the beneficial owners of thousands of offshore companies. Among the owners of offshore shell companies disclosed so far are several senior politicians and their close families in various countries. Just how difficult and costly is it to […]
The bail out of the troubled banking sector in Cyprus has taken on serious political overtones as the crisis deepens. During the past few weeks Cyprus has been accused of failing to combat money laundering and fraud and that Russian oligarchs seek refuge for their money in this “tax haven” country. Now the strongest members […]
Reposted from the blog of the Task Force on Financial Integrity & Economic Development Last week, the U.S. Senate Banking Committee held a hearing titled, “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement.” The committee called three regulators to testify: David Cohen, Under Secretary for Terrorism and Financial Intelligence, United States Department of the […]
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