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May
13

On the Dirty Money Trail-New Report Tracks Hundreds of Billions in Illicit Finances to Points of Deposit

Clark Gascoigne

WASHINGTON, D.C.—A report released today from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion—are being deposited.

The new report, The Absorption of Illicit Financial Flows from Developing Countries: 2002-2006, rounds-out the groundbreaking analysis put forward in GFI’s 2008 report Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that the developing world was losing $1 trillion per year to illicit financial practices.

The report will be revealed at a media event May 13th, 12:00pm-1:30pm, at the National Press Club in Washington, D.C.

Report findings will include:

  • Where does the $1 trillion in illicit capital flight from developing countries end up?
  • What are the regional trends for illicit financial outflows? Are there linkages between the country origin and the point of deposit?
  • What impact did the terrorist attacks of 2001 have on illicit flows and the global shadow financial system?
  • Who is responsible for keeping track of total cash deposits moving through the world financial system and how accessible is that information to the general public and national governments?
  • What impact does the annual loss of hundreds of billions of dollars have on developing nations?
  • How are these hundreds of billions of dollars removed from developing countries and how may these illicit financial outflows be curtailed?

“We are crossing a threshold in global finance regulation and poverty alleviation with these illicit flows studies,” said GFI director Raymond Baker. “For every $1 in aid that the Western world is sending into developing countries, $10 is lost. Our first report looked at how much these countries were losing. Today we have an idea of where that money is ending up. Halting this annual loss of capital is crucial to successful poverty alleviation and economic development.”

To RSVP for Thursday’s event, request a copy of the report, or schedule an interview with GFI spokespersons contact Monique Perry Danziger, mdanziger@gfip.org, 202-294-0740.

Lunch will be served.

The full report can be downloaded here…

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May
12

Wednesday’s Top News Stories

Clark Gascoigne

Government woos parties over UBS data
Swissinfo.ch, May 12, 2010

Swiss parliament nears deal on U.S. tax deal impasse
Reuters, May 12, 2010

Swiss Bank Regulator Was Blinded by UBS Image, Government Says
Bloomberg, May 12, 2010

Denmark: Tax Amnesty
Mondaq News, May 12, 2010

Complicit in Corruption: How German Companies Bribed Their Way to Greek Deals
Der Spiegel, May 11, 2010

Tax Evasion: Oil Giant SAIPEM in N14bn Dispute
This Day (Nigeria), May 12, 2010

Four Irish firms implicated in Brussels probe
RTÉ (Ireland), May 12, 2010

Tax evasion drives huge profits in property industry
Global Times (China), May 12, 2010

Canadian Man Pleads Guilty in Web Gambling Fraud Case (Update2)
Bloomberg, May 11, 2010

French court refuses to free Noriega before trial
The Associated Press, May 12, 2010

Twenty-six illegal banks broken up in south China
Xinhua, May 12, 2010

China Defends Activities in Africa
The Wall Street Journal, May 12, 2010

Op-Ed: Chinese Corruption Is Hazardous to Your Health
The Wall Street Journal, May 12, 2010

Bribery inquiry into former PM of Ukraine reopened
The Guardian, May 12, 2010

Leading Spanish judge faces Supreme Court trial
CNN, May 12, 2010

Expectations High for Nigeria’s New Leader
Voice of America News, May 12, 2010

Philippines’ Arroyo picks chief justice as probe looms
Reuters, May 12, 2010

3 family wins signal Marcos revival in Philippines
The Associated Press, May 12, 2010

India wakes up to the business of sport
AFP, May 12, 2010

Ghana to establish Economic and Organised Crime Office
Ghana Broadcasting Corporation, May 12, 2010

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May
11

Christian Aid: Football, poverty and tax havens – tackling financial secrecy

Clark Gascoigne

From Christian Aid:

LONDON—Christian Aid has teamed up with football supporter groups to highlight the damage caused by the secrecy offered by tax havens – and demand that the rules be changed.

Blowing the Whistle: Time’s Up for Financial Secrecy, reveals how the same tax-haven secrecy that allows football club owners to hide their business practices – and even their identities – is also facilitating massive tax dodging in developing countries.

And while such practices are threatening to ruin the beautiful game, for people in the world’s poorest countries they are a matter of life and death.

Top of the league

Christian Aid has worked with the Football Supporters Federation and fan ownership group Supporters Direct to compile Blowing the Whistle.

At a time when supporters across the land are becoming increasingly concerned about the way their clubs are run, our report reveals how:

  • Manchester United, recently pipped to the Premier League title, still top a new Football Secrecy League.
  • A further 14 Premier League clubs and another 10 from around Britain and Ireland are effectively based in tax havens.

It also explains how financial secrecy means trade-related tax-dodging costs poor countries $160bn every year.

This is one-and-a-half-times the global aid budget, and enough, if used according to current spending patterns, to save the lives of 350,000 children under five.

United cause

The changes needed to tackle financial secrecy in football are the same that are needed to lift the secrecy that affects the developing world.

Those who care about football and those who care about eradicating poverty should unite to demand major rule changes.

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May
11

Tuesday’s Top News Stories

Clark Gascoigne

Crisis sparks backlash against Greek political graft
Reuters, May 11, 2010

Football, poverty and tax havens – tackling financial secrecy
Christian Aid, May 11, 2010

New rules will force Leeds to reveal owners’ names
The Guardian, May 11, 2010

Ex-Mexican Governor Laundered With Lehman, U.S. Says
Bloomberg, May 11, 2010

US urged to probe Saudi business spat
Financial Times, May 11, 2010

Top JPMorgan adviser says fired for whistleblowing
Reuters, May 10, 2010

ABN AMRO bank pays 500 million for busting US sanctions
AFP, May 10, 2010

Dictator’s son fails to show at Geneva court
Swissinfo.ch, May 11, 2010

A new agenda for offshore havens
Wealth Bulletin, May 11, 2010

Cartel Papers Show Bribes to Mexican Authorities
The New York Times, May 11, 2010

Canada’s ‘Prince of Pot’ ordered extradited to US
Associated Press, May 11, 2010

Tamil Tiger case puts spotlight on laws against financing terrorism
The Globe and Mail (Canada), May 11, 2010

Benigno Aquino lists war on corruption as top priority
Times of London, May 12, 2010

Nigeria’s Ruling Party Chairman Arraigned on Corruption Charges
Voice of America, May 11, 2010

Indonesian ex-top detective arrested in bribe case
Associated Press, May 11, 2010

Pelosi says corruption holding back Afghanistan
AFP, May 11, 2010

INTERVIEW-Frustration growing over West African governance-UN
Reuters, May 10, 2010

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May
11

Behind the Greek financial crisis: US$160 billion lost to illegal capital flight in the last decade, according to analysis from Global Financial Integrity

Clark Gascoigne

Global Financial Integrity lead economist, Dev Kar, has prepared an analysis on the Greek financial crisis for the blog of the Task Force on Financial Integrity & Economic Development in which he looks at the role illicit financial flows— Greece lost an estimated US$160 billion in unrecorded transfers through its balance of payments in the last decade—played leading up to the current financial crisis.

In the piece Mr. Kar writes:

Even as Greece’s debt burden grew ever more onerous, its burgeoning underground economy fueled massive illicit financial flows, or illegal capital flight, out of the country. Based on well-established economic models, Global Financial Integrity (GFI) estimates that over the past decade ending 2009, Greece lost an estimated US$160 billion in unrecorded transfers through its balance of payments.

Mr. Kar goes on to note that, paradoxically enough, Greek traders manipulated customs invoices to sneak illicit capital into the country. These inflows, due to their illicit nature, did not contribute to the solvency or growth of the Greek economy.  Mr. Kar writes:

Interestingly, according to the study conducted at GFI, there were illicit inflows into Greece which totaled about US$96 billion through the misinvoicing of trade transactions, probably as a result of import duty evasion and smuggling…As illicit inflows are unrecorded, they escape the government’s tax net and cannot be used to sustain high-quality economic growth…Even as Greece “enjoyed” illicit inflows every single year from 2000-2009 through trade misinvoicing, the country was being pushed to the verge of bankruptcy!

All such inflows ever accomplished were to further enrich the corrupt and worsen the distribution of income. The crisis should prompt economists to revisit the issue of illicit inflows.

Mr. Kar notes that “statistical obscuration” enabled Greece to fool the world, and even gain acceptance into the European Union.  According to Mr. Kar, the IMF should adopt new assessment and monitoring methods to prevent countries being able to present facades which hide internal economic trouble.

It is ironic that an IMF assessment of Greece’s statistical system in 2002/03 gave high marks for professional integrity, accuracy, and reliability when in fact we have now learned that the Greek government has been fudging the books for a long time. Only recently, long after the horse bolted from the barn, the Eurostat, the European Union’s statistical arm, acknowledged that statistical obscuration is a fact of life in Greece and has probably contributed to the country’s acceptance into the European Union. Even as late as last year, Greece upped its fiscal deficit to 13.6% of GDP from the previously stated 12.9%.  In my experience, the IMF’s statistical assessment methods are in dire need of a thorough revamping, moving away from a method based on tacit official self-assessments and towards more hands-on and independent assessments. A new assessment method must include consistency checks for the entire macroeconomic accounts and feedback from international, not just domestic, users as is currently the practice. In the end, the IMF must be the early bearer of bad news.

In looking ahead Mr. Kar writes:

How do we see the crisis unfolding and how will it end? Judging by the violent street protests in Greece in recent days, it may not be feasible to place the Greek economy on a sustainable path based on fiscal adjustments alone. Some sort of debt restructuring—a kinder, gentler version of outright debt default—may be necessary, even inevitable, to help Greeks bite the bullet. This calls for European leaders and the IMF to exercise the utmost acumen and urgency to contain the crisis through a regimen of adjustment policies that will be painful but one that the Greeks can live with. The alternative is chaos and contagion leading perhaps to an unraveling of the European Union.

The piece in full may be viewed here…

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May
11

The Alpha, but Whither the Omega, of the Greek Crisis?

Dev Kar
Global Financial Integrity Lead Economist Dev Kar examines the role of illicit financial flows (IFFs) in the Greek debt crisis. IFFs cost Greece an estimated US$160 billion over the last decade.

Photograph by Simon Tong

Greece has been in the news a lot lately and as we all know, it has not been good news.  By all accounts, the austerity measures being imposed on the population as a condition for bailing Greece out of the financial crisis, is severe.  As Walter Mead points out in a recent blog, investors are worried that the Greeks may not stand for them.  He rightly notes that ordinary Greeks feel that the rich should pay the costs of the economic crisis and not them.  They are right.  According to an article in the Washington Post (Is austerity a Greek myth? By David Ignatius, May 3, 2010), Prime Minister Papandreou admits that corruption now robs the Greek economy by US$20-30 billion and “graft” (probably meaning bribery and kickbacks) accounts for some 8-12 percent of GDP.  If, as I suspect, the Prime Minister is talking of graft and corruption as separate components, the size of Greece’s underground works out to some 18-21 percent of GDP.  The result still falls short of the 25-30 percent of GDP estimated by most economists.

There is no question that Greece is caught between the proverbial rock and a hard place. To understand how the country got there, I shall try to trace the road map with the help of some basic economic data for the decade ending 2009.  The first striking thing is that Greece ran a sizable current account deficit that grew from 6.6% of GDP in 2000 to 15.5% of GDP with most of the increase coming in the second half of the decade.  A current account deficit basically arises from increases in import costs over export earnings. It is symptomatic of an excess of consumption over income. Greece financed this consumption boom not by drawing down domestic (public and private) savings or gross foreign exchange reserves of the central bank but through the contracting of external debt which swelled from a manageable 73% of GDP in 2000 to close to 160% of GDP by the end of the decade.

The question naturally arises: how come Greek policy makers and foreign investors never saw the debt crisis coming? The reason is that the debt to GDP ratio is not a tea leaf for an impending debt crisis–debt sustainability entails a much more complicated exercise than can be captured by any single measure. I learned that in my early years at the IMF. Forecasting external debt default is an extremely complicated task. While economic models often successfully identify countries with external debt crisis after the fact, they remain poor predictors of one.  Part of the problem in forecasting debt crisis is that we need to know what the government did with that debt.  If debt was used to finance growth enhancing projects such as investments in health and education, infrastructure, or other investments with a rate of return higher than the cost of the debt, an indebted country could very well remain solvent. Apparently, that was not the case in Greece. The government simply used the borrowed money to run an inefficient and bloated public sector even as it failed to collect tax revenues to pay back the loans. Over the years of neglect and profligacy, the dynamics of debt just grew more cruel. That is just in the nature of the animal. As debt levels have ballooned, so have the interest costs of servicing the debt. We can be sure that interest costs would eat up a sizable portion of the government budget which will itself force a sharp contraction in social programs, wages and pensions.  The life of the average Greek is about to get very hard and mostly because of rampant corruption by the rich and the powerful with the collusion of the government. No wonder they are mad.

That said, there is another insidious dimension to the Greek financial crisis that few economists have touched upon.  Even as Greece’s debt burden grew ever more onerous, its burgeoning underground economy fueled massive illicit financial flows from the country. Based on well-established economic models, Global Financial Integrity (GFI) estimates that over the past decade ending 2009, Greece lost an estimated US$160 billion through unrecorded transfers through its balance of payments.  Interesting, according to study conducted at GFI, there were illicit inflows into Greece which approximately totaled US$96 billion through the misinvoicing of trade transactions, probably as a result of import duty evasion and smuggling. Traditionally, economists have netted out the so-called inflows from outflows as if the netting of the two more accurately reflects a country’s net position with regard to these flows.  In contrast, GFI’s studies have stressed that netting “inflows” from illicit outflows makes little sense. Not only are (unrecorded) illicit inflows outside the government’s tax net, they cannot be used to sustain high-quality economic growth. The Greek study offers a stark illustration of the folly of netting inflows from outflows if ever there was one. Even as Greece “enjoyed” illicit inflows in every single year from 2000-2009 through trade misinvoicing, the country has been pushed to the verge of bankruptcy!  So economists need to take note of some festering issues in capital flight and not simply run standard economic models by rote without analyzing whether their underlying assumptions are realistic. But most economists would agree that no matter which way we slice it, flight capital has made matters much worse for Greece. In our experience, once illicit capital exits a country, it is a Herculean task for the government to get it back. The need of the hour is that Greek policy makers must not only ensure that the economy is placed on a sustainable path to debt solvency and economy growth, they must improve governance and implement economic reform so that Greeks would favor licit domestic, over illicit foreign, investments.

Estimates of illicit financial flows are based on official data published on the web-site of the Bank of Greece (central bank) and the data reported to the IMF. The shoddy quality of Greek data on balance of payments, external debt, and national accounts mean that the estimates of illicit flows may be understated.  In fact, an IMF assessment of Greece’s statistical system in 2002/03 gave high marks for professional integrity, accuracy, and reliability when in fact the Greeks have been fudging their books for a long time. Only recently, after the horse has bolted from the barn, the Eurostat, the European Union’s statistical arm, has acknowledged that statistical obscuration is a fact of life in Greece and has probably contributed to the country’s acceptance into the European Union. Even as late as last year, Greece upped its fiscal deficit to 13.6%  percent of GDP from the previously stated 12.9%.  In my experience, the IMF’s statistical assessment methods are in dire need of a thorough revamping, away from one based upon tacit official self-assessments and towards more intrusive and independent assessments including consistency checks for the entire macroeconomic accounts and feedback from international, not just domestic, users, as is currently the case.  In the end, the IMF must be the early bearer of bad news.

Judging by the violent street protests in Greece lately, it may not be feasible to return Greek economy on a sustainable path based on fiscal adjustment alone. Some sort of debt restructuring—a kinder, gentler version of outright debt default—may be necessary to help Greeks bite the bullet. This calls upon European leaders and the IMF to exercise the utmost acumen and urgency to contain the crisis through a regimen of adjustment policies that will be painful but one that the Greeks can live with.  The alternative is chaos and contagion leading perhaps to an unraveling of the European Union.

Continue Reading »

May
10

Monday’s News Round-up

Clark Gascoigne

Organised labour links mass poverty to corruption in government
Nigerian Compass, May 10, 2010

EU Lawmakers Back Risk Board, Delay Hedge-Fund Vote
Bloomberg, May 10, 2010

James R. Carroll: Turquoise water, pink sand and low taxes
The Courier-Journal (Kentucky, USA), May 10, 2010

Plan will grant clemency to Israeli holders of foreign bank accounts
Ha’aretz, May 9, 2010

Tattling for Dollars: The Growing Ranks of IRS Informants
Daily Finance, May 8, 2010

UAE signs deals to fight money laundering
Emirates Business 24/7, May 9, 2010

Egypt Islamists to stand trial for money laundering
AFP, May 9, 2010

OECD Accepts Israel as Member, Group Expanding to 34
Bloomberg, May 10, 2010

Stolen assets recovery from rulers
The News International, May 10, 2010

Pratip Kar: Lessons in corporate governance
Business Standard, May 10, 2010

Nigeria’s opposition urges new president to fight corruption
AFP, May 9, 2010

Mideast needs checks, to improve governance – report
Reuters, May 9, 2010

Greek president calls for zero tolerance against corruption
Xinhua, May 10, 2010

Aquino set to be Philippine president
Financial Times, May 10, 2010

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May
10

Weak institutions in Egypt, Lebanon, Morocco and Palestine compromise efforts to combat corruption

Clark Gascoigne

Transparency International:

CAIRO/BERLIN—Under-developed public accountability systems are hindering efforts to combat corruption in Egypt, Lebanon, Morocco and Palestine, according to a new report by Transparency International (TI) anti-corruption organisation. The report points to major gaps in legal anti-corruption provisions and a worrying lack of resolve to introduce effective practices to curb the problem, which pose a risk for sustainable development, social cohesion and economic growth.

“In all countries studied the governance systems can be described as ineffectual,” said Christiaan Poortman, Director of Global Programmes at TI. “A key obstacle is unchecked executive power which overrides attempts to introduce the kinds of checks and balances that put integrity and accountability at the heart of good governance.”

The Good Governance Challenge: Egypt, Lebanon, Morocco and Palestine is based on four comprehensive studies which assess each country’s governance systems, including the executive, legislature, political parties, the judiciary, anti-corruption agencies, non-governmental organisations and the media. The report identifies areas of weakness and presents recommendations to strengthen institutions and the implementation of existing legislation.

Each country’s context varies but they all share a common problem: corruption poses a challenge for accountability and development. The report found that overall, whether in government, the private sector or amongst citizens, there is a limited grasp of anti-corruption concepts such as transparency and accountability. Nepotism, bribery and patronage are so common that they are widely accepted facts of life. Notably, a citizen denouncing corruption in any of these countries is left unprotected since there are no whistleblower protection mechanisms, and aside from Lebanon, provisions regarding public access to information are extremely weak.

The report notes that Egypt, Palestine and Lebanon do not have anti-corruption agencies and though Morocco does, it has no power to investigate or sanction. “Institutionalising change poses a significant challenge. We want to work with governments, civil society and the private sector to uproot corruption as a means to ensure stability and economic development,” said Poortman.

On a positive note, the report points to an increase in the adoption of national anti-corruption plans and legal frameworks including laws in Palestine that strengthen the independence of the judiciary, drafting of access to information legislation in Lebanon, a Central Instance for Prevention of Corruption plan in Morocco and the establishment of a Transparency and Integrity Committee in Egypt.

Key recommendations from the report include:

  • States should safeguard the independence of oversight bodies, such as audit offices and ombudsmen, and increase citizen participation in governance processes.
  • The executive branch should allow for strengthening the role of parliament, the judiciary and public oversight bodies as effective checks on its operations.
  • States should promote the United Nations Convention against Corruption (UNCAC) as a suitable framework to advance anti-corruption laws
  • States should respect and protect the freedom of citizens and non-governmental organisations to engage in public affairs, including the fight against corruption.
  • States should introduce and implement comprehensive whistleblower protection and freedom of information legislation, as well as legislation to prohibit conflict of interest in public office holders.
  • Civil society organisations should commit to the highest standards of accountability and transparency in their operations.
  • Support should be given to strengthen regional dialogue and capacity-building efforts on anti-corruption issues through initiatives such as the United Nations Development Programme – Programme on Governance in the Arab Region.

The report is a summary of four National Integrity System (NIS) studies previously published in the countries. TI defines the NIS as the key pillars in a society that contribute to integrity, transparency and accountability. The reports were carried out by TI chapters and regional experts. TI introduced NIS assessments in 2001 and has carried out more than 70 worldwide.

###

Transparency International is the civil society organisation leading the fight against corruption

Note to editors:
The report is part of the Transparency International Promoting Transparency and Enhancing Integrity in the Arab region. The goal of the project is to identify practices that promote transparency and enhance integrity in the Middle East and North Africa (MENA) region. The four reports can be downloaded in Arabic and English.

Media Contacts:

Berlin
Gypsy Guillén Kaiser
Transparency International
Tel: + 49 30 34 38 20 662
Mobile: +49 1522 8897896
ggkaiser@transparency.org

Cairo
Dalia Hamed
ComStrat-Eg
Tel: + 20 25288543
MediaRelations@ComStrat-Eg.com

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May
7

Friday’s Top News Stories

Clark Gascoigne

Swiss banker charged in Alstom bribe probe
AFP, May 6, 2010

Swiss econ min optimistic UBS deal will be passed
Reuters, May 7, 2010

Greek PM must bow to calls for catharsis
Reuters, May 7, 2010

Hedge Funds Oppose Limits On Non-EU Funds In Legislation
Dow Jones Newswires (Subscription), May 7, 2010

Caribbean Nations Continue To Spend Big Dollars On Lobbying Congress
CaribWorldNews, May 7, 2010

British companies set for crackdown on corruption
The Independent, May 7, 2010

Reformer Resigns, Rattling Indonesia
Wall Street Journal, May 6, 2010

ANALYSIS-Indonesia’s reform drive comes under scrutiny
Reuters, May 7, 2010

Police expand Holyland probe to US to grill Olmert’s brother
The Jerusalem Post, May 6, 2010

Sean Connery called to appear before Spanish judge
The Daily Telegraph, May 6, 2010

Footballer admits offering bribe in Hong Kong match-fixing case
Earth Times, May 7, 2010

Marcos-Aquino feud continues in Philippine election
The Washington Post, May 7, 2010

Sierra Leone’s anti-corruption chief resigns
BBC News, May 7, 2010

Metro Bank accused of ‘unsafe’ practices
York Dispatch (Pennsylvania, USA), May 7, 2010

U.S. lifts Sumitomo Mitsui money-laundering order
MarketWatch, May 6, 2010

Alleged drug ring leader in El Paso gets prison
Associated Press, May 7, 2010

US Takes Aim At Colombian Drug, Money Laundering Networks
Dow Jones Newswires, May 6, 2010

Fear factor has UK plc seeking legal remedies
Financial Times, May 7, 2010

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May
6

U.S. Senator Ben Cardin Argues for ESTT Amendment on U.S. Senate Floor

Clark Gascoigne

U.S. Senator Ben Cardin (D-Maryland) took to the U.S. Senate floor today to argue in favor of attaching the Energy Security Through Transparency Act (ESTT) to the financial regulatory reform legislation moving through Congress. The ESTT legislation would help bring much needed transparency to the extractive industries by requiring companies in the oil, natural gas, and minerals industries to disclose payments made to foreign governments.

Watch the video clip from C-SPAN below:

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May
6

Eurodad and the Task Force Call on Repsol to Support Country by Country Reporting Standard for the Extractive Industry

Clark Gascoigne

MADRID—Representatives from Eurodad, a member of the Task Force on Financial Integrity and Economic Development, took the floor at the Repsol shareholders meeting on April 30 in Madrid and called on the firm to support a country by country reporting standard for the extractive industry. Repsol is the world’s 15th largest petroleum refining company.

“We believe that, by giving its public and explicit support to a country by country accounting standard now under discussion by the International Accounting Standards Board Repsol YPF will contribute its voice in opposing bad corporate governance practices and involvement with tax avoidance and evasion,” said Marta Ruiz, Eurodad’s Policy and Advocacy Officer.

Eurodad and the Task Force believe that such a standard will dramatically improve transparency of multinational corporate activities and will provide very valuable information to curb illicit tax practices such as profit shifting and tax evasion in developing countries. These practices are estimated to account for more than what these countries receive in Official Development Assistance.

Plugging these leaks would therefore substantially contribute to the achievement of the Millennium Development Goals.

“Repsol YPF, as a firm that believes that the future of the company will only prosper if it addresses the global challenges faced by society, should tackle these problems by supporting a mandatory measure of transparency that goes beyond the sphere of corporate social responsibility,” Ruiz noted.

See full speech here…

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May
6

Thursday’s Top News Stories

EJ Fagan

From bleeding Africa to grabbing the land
The Citizen (Tanzania), May 6, 2010

New Nigerian President Sworn In
The New York Times, May 6, 2010

Nigeria: Case against anti-corruption czar dropped
The Associated Press, May 6, 2010

ANALYSIS: Economic forum’s theme seen as catalyst for East Africa growth
The Citizen (Tanzania), May 6, 2010

New tax is the least of big miners’ worries
The Sydney Morning Herald, May 6, 2010

Greece’s austerity measures
BBC News, May 5, 2010

Swiss banks getting tougher with clients they suspect of tax evasion, it is claimed
Investment International, May 6, 2010

EU Close to Hedge-Fund Deal
Dow Jones Newswires, May 6, 2010

H-P Has Time Until May 28 To Respond To India Charges – Sources
Dow Jones Newswires, May 6, 2010

Arms dealer wanted in India major funder of UK Liberal Democrats
The Times of India, May 6, 2010

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