Activists apply pressure over financial secrecy

| 18/10/2011

(CNS): Global Financial Integrity is just one of a number of organisations putting increasing pressure on Finance Ministers in G20 countries to move beyond “piecemeal regulations” and adopt comprehensive reforms to create greater transparency and accountability in the world’s financial system. In reaction to the recently released communiqué from the G20 meeting in Paris last week, GFI said it was disappointed and called for comprehensive measures that would increase overall transparency and accountability for multi-national corporations and financial institutions.

GFI said that there had been a strong contribution from civil society to the G20 process providing insight and feedback on the progress of both the development and anti-corruption working groups as well as the overall financial reform process.

Groups like the End Tax Haven Secrecy campaign have also provided mechanisms for citizens to speak-up and take action in this process. To date, more than 31,390 people have signed the global petition calling on the G20 to end tax haven secrecy when it meets next month in Cannes.

Anti-globalisation and anti-capitalist protesters are planning four days of demonstrations around the G20 leaders summit in Cannes next month despite a massive security operation to keep them out.

GFI director Raymond Baker said the finance minister’s communiqué ahead of Cannes failed to mention country-by-country reporting, automatic exchange of tax information, disclosure of beneficial ownership, or strengthening of anti-money-laundering laws. “These measures are key to creating global economic development, and financial stability. What we have here are piecemeal fixes to a systemic problem,” he added.

GFI notes some progress with the introduction of US legislation, including country-by-country reporting in the Stop Tax Haven Abuse Act and beneficial ownership disclosure in the Incorporation Transparency and Law Enforcement Assistance Act. “The G20 member nations should support these measures and adopt legislation similar to them in their own countries,” Baker said.

Among many other issues in the communiqué the ministers underlined the importance of comprehensive tax information exchange and encouraged the work in the Global Forum to assess and better define the means to improve it.

Anti-globalisation and anti-capitalist protesters are planning four days of demonstrations around the G20 leaders summit in Cannes next month despite a massive security operation to keep them out.

See G20 communiqué

Category: Finance

Comments (1)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    zzzzzzzzzzzzzzzzzzzzzz….