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 [...]
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The banks of Cyprus and the pursuit of integrity
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 [...]
One Thing We Learned from the U.S. Senate’s Too Big To Jail Hearing
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 [...]
How well do we know our banks?
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? [...]
Fighting corruption in Italy is an uphill struggle
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 [...]
Cyprus: a chance to strengthen its fight against money laundering
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” [...]
New Report: Developing Countries Lost $5.86 Trillion from 2001-2010
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 [...]
Is the G20 serious about fighting corruption?
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 [...]
Will billions in fines alone make banks respect the rules?
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 [...]
Can we restore integrity to the financial sector?
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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African Renaissance comes through the reinforcement of institutions
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Thanks, British taxpayer! Thanks Royal Bank of Scotland
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UNCAC Coalition asks UN meeting to take action for transparency and accountability
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Les héros de la lutte contre la corruption : une interview avec Gregory Ngbwa Mintsa
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No defence for corruption in defence procurement
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How to set up an offshore company in 10 minutes
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Venezuela: The State as Election Campaign Headquarters
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#offshoreleaks: 21st Century Journalism at its best
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Iraq’s corruption legacy
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“But are you a real doctor?” Shortcut doctorates in Germany
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Mohssin Faraji: We have been plagued with ANCFCC LAND CORRUPTION f...
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