Financial Transparency Coalition

BRISBANE—While G20 leaders are poised to address many of the vehicles that are integral to allowing almost one trillion dollars to flow out of developing countries each year, political pressures should not force talks to backtrack. “The fact that so many of the world’s leaders are in one place is a rare opportunity to get things done,” said Porter McConnell, Manager of the Financial Transparency Coalition. “The summit should not be seen as a rubber stamping process; heads of state should use their 48 hours in Brisbane wisely to reach consensus on some common sense measures before them to curb...

Owners of anonymous companies registered in U.S. states are ripping off innocent people and businesses across America, says a new report by Global Witness. Drawing on 22 cases involving anonymous companies from 27 states, The Great Rip Off shows how fraudsters, mobsters, money-launderers, tax-evaders and corrupt politicians are able to use anonymously-owned American companies to cover their tracks and evade the authorities. “We looked at all sorts of crimes across the U.S. and found two things in common. They were all carried out by anonymous owners of American companies, and the authorities are spending lots of time and money trying...

WASHINGTON, D.C.—The G20’s recent focus on financial transparency is a welcome development, but instituting bare minimum requirements, or plans that allow for exclusion, simply give illicit flows an opportunity to continue their hazardous drain on the world’s most vulnerable economies. Last Tuesday, the OECD released recommendations on Base Erosion and Profit Shifting (BEPS), which are aimed at cutting down on the ability of corporations to shift profits into tax havens. It’s well intentioned, but the execution leaves much to be desired. “Apparently, transparency now takes place behind closed doors,” said Porter McConnell, Manager of the Financial Transparency Coalition (FTC). “From a...

WASHINGTON, D.C. — The Organization for Economic Cooperation and Development’s (OECD) new recommendations to fight multinational corporate tax avoidance look robust from the onset, but there’s something missing. Since the most vital reporting information will remain out of the reach of ordinary citizens, the recommendations don’t do enough to bring transparency to a global financial system badly in need of it. The OECD’s project on Base Erosion and Profit Shifting (BEPS) is intended to crack down on the ability of corporations to move profits overseas, through mis-invoicing trade transactions to avoid taxes and other dubious practices. With nearly a trillion...