You arrive in a new city on a rainy day and check into your top floor hotel room, only to find the roof is leaking. When the receptionist comes to check, he looks up and says, “I don’t see what the problem is, madam. There is clearly more roof than holes on average.” This has […]
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A growing call from business for company ownership transparency
With the release of its latest Economic Contribution and Payments to Governments Report today, BHP Billiton becomes the latest in a growing list of companies and business leaders highlighting the importance of company ownership transparency, and starting to walk the talk by being transparent about elements of their own company structures, entities and ownership. The […]
Korean companies get ‘F’ grade in voluntary information disclosure
The results of the Korean Transparency in Corporate Reporting survey shows that the biggest 50 companies in Korea still need to disclose a lot more information on a voluntary basis if they want to show they really want to increase their transparency and fight corruption. Companies that disclose information about how they set themselves up, […]
How to steal billions
From 2009 to at least 2013, private individuals were allegedly able to siphon off more than $3.5 billion from the wealth fund of Malaysia and go on a high-end luxury shopping spree in several countries including the United States, the United Kingdom and Switzerland for property, museum-quality art and a private jet. Gatekeepers such as […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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