Tag Archives | banking

Integrity Default Alert: EU probes collusion in banking sector

By on 27 March 2013 in Private sector

Reposted from the blog of Transparency International’s EU liaison office in Brussels. Corruption thrives in the dark, dank corners where no-one is looking, and banking is no exception. Who had heard of the LIBOR benchmark until the rate-rigging scandal erupted early last year? Now it is a byword for bad behaviour in banks. This week, [...]

Read full story • Comments { 0 }

Fighting corruption in Italy is an uphill struggle

By on 18 February 2013 in Access to information, Financial Markets, Politics and government, Private sector, Whistleblowing

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 [...]

Read full story • Comments { 3 }

New Report: Developing Countries Lost $5.86 Trillion from 2001-2010

By on 19 December 2012 in Financial Markets, Poverty and development

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 [...]

Read full story • Comments { 0 }

Transparency comes calling on telecoms, banking sectors

By on 4 October 2012 in Accountability, European Union, Politics and government, Private sector

Our recent report on corporate transparency has exposed lamentably low levels of country-by-country reporting across the business spectrum. This means 69 of the world’s biggest companies operate in India, for example, but only two disclose how much money they made there, and not one discloses Indian tax payments on their main corporate website (see the [...]

Read full story • Comments { 2 }

Financial Times joins chorus for more transparency at the ECB

By on 25 September 2012 in Europe and Central Asia, European Union

We at TI-EU have been questioning the levels of transparency and accountability at the ECB, as you can see in our op-ed in the EU Observer and our blog post on President Barroso’s address . We are glad to see that those wise old heads at the Financial Times (motto: “without fear or favour”) came to the same conclusion. They, like [...]

Read full story • Comments { 0 }

G20 must address financial integrity as corruption surges through major banking

By on 31 July 2012 in Financial Markets, G20, Private sector

Allegations of insider trading at Nomura, money laundering at HSBC, interest rate manipulation at Barclays – it’s one scandal after another! Some say mega-banks are too complex to manage and control, others blame bad management, still others say the culture is rotten. Corruption abounds. Greed, secrecy, arrogance, lack of a moral compass, and opportunity all [...]

Read full story • Comments { 4 }

Licence to kill: banking experts discuss EU crisis management proposals

By on 18 February 2011 in Europe and Central Asia, European Union, Financial Markets, Lobbying

Commissioner responsible for the functioning of the EU’s internal market – has pledged to improve the representation of civil society groups in these meetingsto avoid the perceived stranglehold that the banking industry had on the European regulators in the run-up to 2008′s financial meltdown. On the evidence of the meeting I attended this week (Monday [...]

Read full story • Comments { 4 }