Learn About Illicit Financial Flows
Key Terms

Letter to the Editor in FT: Country-by-Country Reporting Can Help the Poor

February 23, 2012

By EJ Fagan

EJ Fagan was New Media Coordinator for the FTC from 2011-2013. He is now Deputy Communications Director for Global Financial Integrity. You can follow him on Twitter @ejfagan.

Karen Egger of The Task Force’s Transparency International wrote the following to The Financial Times in a letter to the editor:

Sir, The position expressed by the large oil companies (“Shell joins push to dilute EU’s proposed anti-corruption rules”, February 20) that disclosing information on a country-by-country basis of their operations will not “help combat corruption” is counter-intuitive at best and misrepresentative at worst. Citizens, investors and civil society, especially those in developing countries, must have relevant information in order to determine the full extent of the activities of these companies. Multinational businesses generate revenues and profits in resource-rich countries and so should contribute to the public coffers through royalties, taxation and the like. In the absence of country-by-country reporting by companies or disclosure of this information by countries, it is impossible to know how much profit is generated and what, if any, special arrangements governments may have entered into.

Full letter available here. She goes on to both underline the importance of transparency for developing countries and repeat the business case made by investors for country-by-country reporting in regards to good financial decision-making.

Share

Disclaimer: Unless specifically stated to be the views of the Financial Transparency Coalition, the opinions expressed on this blog are solely the opinions of the individual blogger and are not necessarily those of the Financial Transparency Coalition.

Latest Press Releases

TED Prize Winner Charmian Gooch Announces Global Campaign to Abolish Anonymous Companies

Global Witness · March 19, 2014

Vancouver, Canada, March 18, 2014 –This year’s TED Prize winner – Charmian Gooch of Global Witness – has announced that she will use the prestigious million-dollar award “to make it impossible for criminals and corrupt dictators to hide behind anonymous companies.” The announcement was made live and online from the TED stage in Vancouver, with support from leading members of the business, political, law enforcement and campaigning community.

European Parliament Gives Overwhelming ‘yes’ Vote to End Secret Corporate Ownership

Financial Transparency Coalition · March 11, 2014

Joint NGO Media Reaction Financial Transparency Coalition – Eurodad – Global Witness – Transparency International EU Office – Oxfam Brussels, March 11, 2014 – Today, the European Parliament endorsed the creation of public registers of who really owns companies, trusts and other legal structures. This will make it much harder for criminals, tax evaders, corrupt politicians and other money launderers to hide their identity, and their illicitly-acquired assets, behind anonymous companies and trusts.

NGOs welcome MEPs’ vote for ground-breaking changes to fight money laundering

Financial Transparency Coalition · February 20, 2014

Joint NGO media reaction Financial Transparency Coalition – Eurodad - Global Witness - Oxfam A cross political party agreement in the European Parliament ...