About the Task Force


About us

The Financial Transparency Coalition (FTC) is a global network of more than 150 allied civil society organizations, thirteen governments, and dozens of the world’s foremost experts on illicit financial flows (IFFs). The FTC uses its wide reach and deep expertise to influence global norms and standards for financial transparency, and close loopholes in the global financial system. By promoting concrete measures to create more transparency, we work to address the systemic issues that stifle economic development.

Our Mission

Curtail illicit financial flows through the promotion of a transparent, accountable and sustainable financial system that works for everyone.

The Shadow Financial System and the Need for Greater Transparency

Over the past half century, the shadow financial system has grown more complex, encompassing a variety of tools to hide and move money undetected. Whether its with the use of anonymous companies and tax havens, or through accounting schemes like trade mispricing, the result is the proliferation of illicit financial flows—money thats illegally earned, transferred or utilized.

But while the tactics used can be complicated, the consequences of this murky structure, and the money it moves, are clearer than ever. The financial crises in the United States, the debt crisis in Europe, and the uprisings during the Arab Spring demonstrate the interconnectedness of the international financial system and the need for a global approach in addressing systemic issues.

Despite commitments from world leaders, the rules of global finance remain distorted, and allow corporations to earn record profits while hiding billions offshore to avoid paying taxes. By taking advantage of these loopholes, they use backhanded trading schemes to shift profits into tax havens. Unfortunately, these are not isolated instances; they are time-honored secrecy tactics of the international financial system.

The Coalition urges international organizations, governments, and the financial community as a whole, to substantially improve transparency in the global financial system. Thus far, the debate has given greater emphasis to strengthening regulation within existing structures. While some regulatory improvements are certainly needed, the Coalition believes transparency could dismantle the entire shadow financial system. 

FTC Issue Areas

The Coalition focuses on six issue areas:

  1. Country by Country Reporting
  2. Beneficial Ownership
  3. Automatic Tax Information Exchange
  4. Open Data
  5. International Institutional Architecture
  6. Enablers