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 [...]
It’s your bank. You see it. Walk by it. Use the cash machine. Get a loan. But is your bank paying taxes to your government, just as you do? Does your bank report on its profits or on how many staff it employs? In short, is your bank contributing to your community and your economy? [...]
The current scandal of Monte dei Paschi di Siena (MPS), Italy’s third biggest bank, is a good illustration of how a lack of transparency negatively affects the fight against corruption in Italy. In general, ordinary citizens have little means to monitor and evaluate what goes on in either the public or private sectors. This is [...]
The issue of whether or not to bail out 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” [...]
Reposted from the blog of the Task Force for Financial Integrity & Economic Development. Task Force member Global Financial Integrity released their newest report on illicit financial flows from the developing world last night. The report found that $5.86 trillion left the developing world due to crime, corruption, and tax evasion from 2001-2010, $859 billion [...]
In the past weeks we have witnessed a great deal of news surrounding issues of transparency and accountability of multinational companies. In the UK, several international corporations including Starbucks, Google, and Amazon, have been questioned in Parliament over the little corporation tax they pay despite their large UK accounts. Tax evasion is facilitated by the [...]
How banks implement international financial sanctions may not strike many as the sexiest news story of the day, but its importance comes alive when one remembers that holding a banking license and taking deposits from the public at large is not a right, but a privilege. It is bestowed on certain companies by the public [...]
Integrity, trust and culture can seem like the most intangible and abstract of concepts in a hard-edged business environment – until they disappear. As the finance industry has discovered in recent years, failing to tend to a culture of integrity can cost you dearly. There are the record fines of course – such as those [...]
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