Financial Transparency Coalition

A major leak of incriminating HSBC records last week resulted in print and television news coverage around the globe, trended on Twitter for several days and prompted several governments to start long-anticipated investigations. Through its Swiss entity, the British banking juggernaut helped customers from around the world to hide their money for tax evasion or other nefarious purposes without any questions asked. In fact, in several of the ‘scripts’ which accompany the accounts, banking personnel are seen to be very willing to accommodate dubious requests—from allowing cash withdrawals worth millions of dollars to setting up sham legal entities to obscure...

We’ve been following the review of the European Anti-Money Laundering rules (AMLD) closely and reported on this fascinating policy-making process before. One of our key campaigns, the need for more transparency around those that own and control companies—known as beneficial ownership disclosure—is among the most important changes that are up for consideration. With so-called trilogue negotiations (behind closed-door negotiations between European parliamentarians and diplomats), this reform is entering a crucial phase. Unfortunately, it doesn’t seem that the different sides of the negotiating table speak the same language when transparency is concerned. A quick recap: in March, the European Parliament...

Since February of last year, the European Union has made money laundering and terrorist financing a central focus. In reviewing and updating the third Anti-Money Laundering Directive (AMLD), the European Union has tried to target the process by which criminal proceeds and illicit funds are moved throughout the continent and beyond. We’ve been following their progress closely, and have advocated for sensible reform to allow the EU to set the standard on anti-money laundering. But to be the standard-bearer on financial transparency, EU decision-makers must regulate the anonymous legal entities that...

Last week, Credit Suisse, a staple of the Swiss banking industry, pleaded guilty to conspiring to help US citizens "hide their wealth" for decades, in order to avoid taxes. The debate that has emerged in the wake of US Attorney General Eric Holder's announcement seems to focus on whether or not the fine—roughly US$2.6 billion—is fair. Is it high enough? It might not be much more than a couple of month’s earnings for this major bank. In the wake of the guilty plea, does this settlement prove the suspicion of many that...