U.S. Senate Passes Patent Reform Bill Banning Tax Strategy Patents
Accounting Today, September 8, 2011
UK Government abandons tax treaty anti-avoidance measures
Tax Journal, September 9, 2011
Greece Names 6,000 Businesses For Tax Evasion
Dow Jones, September 9, 2011
Does a company’s responsibility to society start with paying its taxes?
The Guardian, September 9, 2011
Switzerland resists US tax data call
Reuters, September 7, 2011
HBR Case Study: Culture Clash in the Boardroom
Harvard Business Review, September 2011
Swiss agreement: the international ramifications
AccountancyAge, September 1, 2011
EU Criticizes Italy Budget Plan On Tax Evasion
Dow Jones, September 2, 2011
Restaurants in Greece refuse to pay VAT rise
Financial Times, September 1, 2011
Taxes: How To Turn In Your Neighbor to the IRS
Wall Street Journal, September 3, 2011
U.S. aims to track ‘untraceable’ prepaid cash cards
MSNBC, September 1, 2011
UK Announces First Bribery Act Charges
Wall Street Journal, August 31, 2011
UAE begins enforcing cash declaration law
Emirates 24/7, September 1, 2011
Transnational Organized Crime and Mass-Marketing Fraud: A Call for a Swift and Collaborated Response
Brookings Institution, August 31, 2011
PFI shareholders are using tax havens, MPs find
AccountancyAge, September 1, 2011
Some companies pay their CEOs more than Uncle Sam, study says
Washington Post, August 31, 2011
Uganda: URA Studying Transfer Pricing Regulations
AllAfrica.com, August 30, 2011
U.S. Probes Oracle Dealings
Wall Street Journal, August 31, 2011
Junkets ‘encourage money laundering’: Wiki cables
Macau Daily Times, August 30, 2011
World Bank Should Refocus Its Anti-Corruption Fight, Audit Says
Bloomberg, August 31, 2011
Murdoch expands internal inquiry of UK papers
Reuters, August 30, 2011
Archer Daniels Midland in US fines alert
Financial Times, August 30, 2011
Drilling Firm Fires Unit President in FCPA Probe
Main Justice, August 30, 2011
Michael Mukasey pushes to alter bribery law
Politico, August 27, 2011
Greece to name tax dodgers on Internet in bid to boost weak revenues
AP, August 30, 2011
This, No Middle-Class, Weekend Revolution
International Business Times, August 29, 2011
Anna Hazare Ends Hunger Strike as Indian Parliament Agrees to His Demands
New York Times, August 28, 2011
Glencore To Declare Support For Ethical Mining To Spruce Up Its Image
This is Money, August 29, 2011
Royal Canadian Mounted Police Raid Calgary Miner over Bribery Allegations
Globe and Mail, August 29, 2011
George Osborne warns tax cheats: ‘I will find you and your money’
The Guardian, August 28, 2011
India stud farm owner jailed for ‘illegal money’ freed
BBC News, August 12, 2011
Seeking Sunlight: The Stop Tax Haven Abuse Act
TrustLaw (Blog), August 11, 2011
Export and import mispricing; the big cloud over dirty cash
Business Daily (East Africa), August 12, 2011
Germany has set back the fight against tax evasion
The Guardian, August 12, 2011
Italy turns on the ‘parasites on society’ in tax clampdown
Daily Telegraph, August 11, 2011
The best of weeks, the worst of weeks for Switzerland
Financial Times, August 12, 2011
Black money: Is Indian law tightening grip?
Economic Times, August 11, 2011
Book Reviews: Treasure Islands and Only the Super-Rich Can Save Us!
Seeking Alpha, August 10, 2011
Colombia loses $13.3B a year through sales tax evasion, smuggling
Colombia Reports, August 10, 2011
Fallen Angels: Italy’s Top-Heavy Corruption And Never-Ending Appeals
Wall Street Journal, August 10, 2011
Political dysfunction fuels Italy financial crisis
Associated Press, August 10, 2011
Deere Faces Scrutiny for Possible Bribery Violation
Wall Street Journal, August 11, 2011
The Task Force is seeking an experienced journalist to promote its issues and expertise in the area of financial transparency in the US/North America media market as a primary focus and in Central and South America as a secondary focus. This position will be based in Washington, DC.
Task Force member Global Witness today revealed that HSBC, Goldman Sachs, Société Générale, JPMorgan Chase and many other western financial institutions appear to have held and managed billions in Libyan state oil money under the rule of Col. Muammar al Gaddafi.
A release to the media from Global Witness early this morning began:
LONDON and WASHINGTON, DC – HSBC and Goldman Sachs are among the key western bankers for Colonel Gaddafi’s regime, a 2010 document leaked to Global Witness appears to show. The document details the whereabouts of state oil revenues. However the Libyan people could not know where it was invested or how much it was, because banks have no obligation to disclose state assets they hold. Global Witness is now calling for new laws requiring banks and investment funds to disclose all state funds that they manage.
Global Witness asked both banks to confirm that they held funds for the state-owned Libyan Investment Authority, and whether they still hold them. They both refused, with HSBC citing client confidentiality. Numerous other banks and financial firms are listed including Societe Generale, UniCredit and the Arab Banking Corporation.
Global Financial Integrity Managing Director Tom Cardamone has written a new blog post for the TrustLaw website highlighting U.S. Senator Rand Paul’s (R-KY) efforts to gut the USA PATRIOT Act of key anti-money laundering/anti-terror financing provisions. The key provisions are set to expire Friday morning unless the U.S. Congress renews them before then.
Referencing two of Senator Paul’s eight proposed amendments to the act, Cardamone writes:
Two of the Paul amendments deal with Suspicious Activity Reports (SARs) that money services businesses are required to submit to the Treasury Department when terrorist financing, money laundering or other illegal financial activity is suspected. Paul sees this requirement as a violation of the fourth amendment to the constitution, which protects Americans against illegal search and seizure. He explained this position during a speech on the Senate floor on Tuesday.
Last summer, we reported that the Obama Administration planned to globally promote the Energy Security Through Transparency (ESTT) provisions (Sec. 1504) of the new Dodd-Frank legislation. Now, it appears as though they’ve remained true to their word.
This provision is an essential new tool in promoting transparency in the oil and mineral sectors. This legislation will immediately shed light on billions in payments between multinational corporations and governments, giving citizens the information they need to monitor companies and to hold governments accountable. It will shine a sustained light on the relationship between corporations and governments in the oil and mineral sectors, and make impossible the kind of back-room dealings that cost taxpayers in lost royalties.
Importantly, this provision sets a new standard for corporate transparency. The challenge for us now is to make this a global standard. The United States is committed to working with other countries to ensure the implementation of similar disclosure requirements in other financial markets and will make this a priority in the year ahead.