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Jul
23

OECD: Tunisia signs multilateral agreement on fiscal co-operation and strengthens its links with the OECD

OECD – During his visit to Tunisia, the Secretary-General of the Organisation of Economic Co-operation and Development (OECD), Angel Gurria, met with the Tunisian Prime Minister, as well as government ministers and the President of the National Constituent Assembly, in order to discuss the co-operation between Tunisia and the OECD.

Apr
13

OECD: Protecting the International Financial System: Ministers to Renew the FATF Mandate

Ministers from Financial Action Task Force (FATF) member countries will meet in Washington DC on 20 April to extend the FATF mandate for another 8 years, continuing to safeguard the integrity of the international financial system.

The FATF Ministerial Meeting will take place in the margins of the 2012 IMF / World Bank Spring Meetings. It follows on the recent publication of the revised FATF 40 Recommendations, the international standard for combating money laundering and the financing of terrorism and weapons of mass destruction.

Apr
5

OECD: Pressure to end tax evasion grows as the Global Forum publishes new reviews

Reports on Brazil, Chile, Costa Rica, Cyprus, the Czech Republic, Guatemala, Malta, Mexico, Saint Vincent and the Grenadines and the Slovak Republic evaluate whether their national laws allow transparency and international exchange of tax information (Phase 1). The review of Korea also looked at the effectiveness of Korea’s exchange of information in practice (Phase 1 plus Phase 2). These reports bring to a total of 70 the number of peer review the g Global Forum has completed since March 2010.

Mar
20

OECD Working Group on Bribery conducts first evaluation of Russia’s implementation and enforcement of Anti-Bribery Convention

The OECD Working Group on Bribery has just adopted its first evaluation report of Russia’s implementation and enforcement of the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (OECD Anti-Bribery Convention). The Working Group on Bribery notes that some concerns remain in Russia’s legislation for fighting foreign bribery that will need to be further reviewed during Phase 2.

Feb
24

OECD: Russia joins OECD Anti-Bribery Convention

Russia today took a major step toward upholding international anti-bribery standards by depositing its instrument of accession to the OECD Convention at a ceremony at the OECD in Paris.

OECD Secretary-General Angel Gurría received Russia’s instrument of accession from First Deputy Minister of Foreign Affairs Denisov and First Deputy Minister of Justice Fedorov.
OECD Secretary-General Angel Gurría received Russia’s instrument of accession from First Deputy Minister of Foreign Affairs Denisov and First Deputy Minister of Justice Fedorov.

Feb
17

OECD: FATF Steps up Fight Against Money Laundering and Terrorist Financing

The Financial Action Task Force, the global standard-setter in the fight against money laundering and terrorist financing, has revised the Recommendations after more than two years of efforts by member countries. The Recommendations are used by more than 180 governments to combat these crimes. The revisions, made with inputs from governments, the private sector, and civil society, provide authorities with a stronger framework toact against criminals and address new threats to the international financial system.

The cost of money laundering and underlying serious crime is very large, estimated between 2 and 5% of global GDP. The revision will enable national authorities to take more effective action against money laundering and terrorist financing at all levels – from the identification of bank customers opening an account through to investigation, prosecution and forfeiture of assets. At the global level, the FATF will also monitor and take action to promote implementation of the standards.

Reports/Studies
Dec
6

World Bank: How corruption and tax evasion distort development

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In a study conducted between November 2010 and February 2011 on ill-gotten money and the economy, the Financial Integrity team looked at the experiences of Malawi and Namibia. We approached the project with an open mind and without any assumptions, finding that for Malawi, corruption and tax evasion as a percentage of GDP represent a significant drag on economic development.

Nov
30

OECD: Tax revenues stabilise in OECD countries in 2010

OECD countries acknowledge that taxes must play a role in the process of fiscal consolidation as they battle unprecedented budget deficits. New OECD data in the annual Revenue Statistics publication show that the majority of OECD governments have stabilised their tax to GDP, with the average ratio moving up slightly from 33.8% in 2009 to 33.9% (1) in 2010. That’s still down from 34.6% in 2008 and well below the most recent high point of 2007 when tax to GDP ratios averaged 35.2%.

Nov
28

OECD: Proceeds from bribery can – and must- be accurately calculated in order to impose appropriate penalties, finds a joint OECD/StAR Study

Law enforcement must be able to impose appropriate penalties when companies bribe officials to win contracts or gain undue advantages. But calculating and confiscating the proceeds of this crime is difficult. To help governments meet this challenge, the OECD and the World Bank/UNODC Stolen Asset Recovery Initiative (StAR) released today a new study on the Identification and Quantification of the Proceeds of Bribery.

“Countries’ ability to seize and confiscate the gains from bribery is integral to the international fight against bribery and corruption, ” said Mark Pieth, Chair of the OECD Working Group on Bribery, made up of representatives from the Parties to the Anti-Bribery Convention. “It’s a requirement of all countries that join the OECD Anti-Bribery Convention and the UN Convention against Corruption.”

Reports/Studies
Nov
4

OECD: Tax Transparency 2011 Report on Progress

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In 2006 the Global Forum published a review of the legal and administrative frameworks in the areas of transparency and exchange of information for tax purposes covering 82 jurisdictions, entitled Tax Co-operation: Towards a Level Playing Field – 2006 Assessment by the Global Forum on Taxation. This publication was followed by four annual assessments, with the 2010 publication covering 93 jurisdictions.

Following the restructuring of the Global Forum, a program of indepth peer reviews was launched in 2010. This 2011 Report on Progress publication describes the progress made since the Global Forum launched its peer review mechanism in 2010.

Oct
28

UNCAC: Transparency and Public Participation in UNCAC Implementation and Monitoring are Key to Success

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Corruption thrives on secrecy, when undisturbed by public access to information about government and business activities. Countering it requires public participation and transparency in anti-corruption efforts and in governance.

This is recognised in the UN Convention against Corruption in Article 13 on civil society participation and access to information and in other UNCAC provisions. Additionally, Article 19 and other provisions of the UN Covenant on Civil and Political Rights, provide for a right to freedom of expression and to access to information held by public bodies and calls on states of their own accord to put information of public interest into the public domain and to establish procedures to enable easy, prompt, effective and practical access to information.

Oct
28

UNCAC: Coalition Statement on Promoting Asset Recovery and Countering Laundering of Corruptly Taken Assets

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The time has come to act. Beyond shedding light on the devastating impact of grand corruption, the Arab spring has revealed major anti-money laundering deficiencies, and the huge difficulties of getting the money back even after the dictator has been pushed from power.\

Corrupt money transferred out of developing and transitional economies is conservatively estimated at US$20 to US$40 billion per year. Hundreds of billions in much needed funds for development have already been taken over the last few decades. While recovery of stolen funds could greatly contribute to development in those countries, prevention of such outflows through greater financial transparency and anti-money laundering efforts would reduce the harm done by corruption in the first place. By ratifying the United Nations Convention against Corruption (UNCAC), States Parties have made commitments on both of these issues.

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