Archive | Private sector RSS feed for this section
US Department of Treasury

U.S. response to the Panama Papers: A step in the right direction but more action is needed

The massive leak dubbed the Panama Papers has given the UK Anti-Corruption Summit on May 12 an unexpected boost. Those coming to the summit, now including the U.S., are lining up to make announcements about the steps they are taking to tackle corruption and specifically financial secrecy. On Thursday the Obama Administration announced a series […]

Read full story Comments { 1 }

THE PANAMA PAPERS AND TRANSPARENCY INTERNATIONAL

  Communicators are strong swimmers. We don’t always sprint, but we can handle long distances and the hard swim upstream. The Panama Papers have exposed a global web of secrecy and corruption that hurts all of us. It has also exposed the Chair of our chapter in Chile and that deeply troubled us. He of […]

Read full story Comments { 3 }

Public pressure forces Iceland’s prime minister to step down over Panama Papers

Iceland’s Prime Minister Sigmundur Gunnlaugsson resigned on Tuesday just one day after thousands of people marched in the streets protesting his use of secret bank accounts facilitated by Mossack Fonseca, a Panamanian law firm which had as clients Gunnlaugsson and his wife. Iceland was the only country that jailed top financial executives behind bars in […]

Read full story Comments { 1 }

The real reason banks aren’t stopping dirty money

Last week, Barclays bank was fined £72 million (US$110 million) by the UK authorities for failing to use anti-money laundering checks on a prominent customer, the bank’s seventh financial penalty in the last six years. This time Barclays did not carry out the proper background checks on unidentified senior foreign political figures or their family […]

Read full story Comments { 1 }

Corporate prosecutions: individual liability is essential

Last week, the U.S. Department of Justice (DOJ) unveiled new guidance to federal prosecutors about bringing criminal cases against individuals in instances of corporate wrongdoing.  The memo states that if a corporation wishes to resolve its own criminal charges and receive any credit for cooperation, it must provide the DOJ with all relevant facts relating […]

Read full story Comments { 2 }
Image credit: KeithAllisonPhoto.com, CC BY-SA 2.0 via Flickr

Incentivizing integrity in banks is more than just paying some fines

Three German banks Commerzbank, HypoVereinsbank and the state-owned HSH-Bank have just settled with tax authorities in Nordrhein-Westfalen on illegal aid to tax evasion. The banks assisted clients in shifting their funds from Luxembourg to Panama to put the money out of reach of German tax authorities. While the settlements partially provide for 8-digit fines, they […]

Read full story Comments { 0 }

How to win back trust in banks

The culture of profit before service at banks has led to a spate of serious scandals that have destroyed the public’s trust in the banking system. In March Transparency International wrote to the G30, a group of senior representatives of the private and public sectors and academia, which was tasked to develop recommendations on what […]

Read full story Comments { 0 }

How do organisations clean up after corruption scandals?

Hisao Tanaka, president of Toshiba Corporation, and two top executives resigned after an independent investigation found that earnings had been improperly inflated by US$1.2 billion under his watch. This blog post is part of a series drawing on articles from the Global Corruption Report: Sport. Simultaneously, FIFA’s president Sepp Blatter announced that he was staying […]

Read full story Comments { 1 }

Anti-Corruption Cards: Cambodia’s new craze

Transparency International Cambodia recently launched its Anti-Corruption Cards that offer shopping discounts to citizens who sign up to the Declaration Against Corruption.   So far more than 8,000 people in the capital Phnom Penh and provinces have received their cards, entitling them to savings of up to 60 per cent at a variety of shops […]

Read full story Comments { 0 }

FIFA reform: suggestions for fair and transparent finances

The resignation of Sepp Blatter as FIFA President on 2 June was swiftly followed by a commitment to immediate governance reform, led by independent chair of FIFA’s audit and compliance committee Domenico Scala. Central to Scala’s mandate will be a review of financial transparency, as well as the proportional representation of influence within FIFA. This […]

Read full story Comments { 1 }