Last September G20 leaders moved towards greater transparency to crack down on tax evasion. They promised a “new global standard” to increase the exchange of financial information between countries. Whereas today tax authorities have to chase information from others authorities if and when they suspect foul play, this new standard will require any jurisdiction signing […]
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 UK Government has announced that transparency and anti-corruption will be key elements at the G8 summit this year. Much needed action on money laundering provides an opportunity to live up to that promise. Corrupt money flows through the UK – in particular through our financial services industry. Nobody knows how much, but it is […]
In September 2012, the US Internal Revenue Service awarded Bradley Birkefeld with US$104 million, as he provided prosecutors with detailed information about the “consultating services” that UBS AG offered to rich clients, thus enabling tax evasion. Within two months, new legislation on whistleblowers’ protection for federal employees came up by the US President Barack Obama. […]
Reposted from Transparency International UK The recent leaks of information about who actually owns the companies registered in the British Virgin Islands (BVI) offer a first glimpse for many people into this very murky world. For years, small amounts of information have trickled out – often through court cases – that indicate these so-called secrecy […]
Around 260 Gigabytes of data from ten tax havens, 2.5 million documents, 130.000 persons from 170 countries concerned – a mega coup. But some questions are still to be answered. Today’s releases regarding #offshoreleaks include everything one can expect from good journalism in the 21st century: Collaboration: 84 journalists worked on the story, coordinated by […]
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 […]
A forthcoming report by Global Financial Integrity finds that Zambia lost US$8.8 billion in illicit financial outflows from 2001-2010
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 […]
This week the heads of state from the G20 are meeting in Mexico, where we hope they will take action to meet their 2009 promise to end bank secrecy. One step already taken is making tax evasion a predicate offence for money laundering. What does that mean? Money laundering is defined as taking the proceeds […]
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