EU Transparency Proposal Threatened By Imaginary Laws

kristy Reforming Global Finance

Thursday, March 22, 2012

From the Task Force Blog:

EU Transparency Proposal Threatened By Imaginary Laws

Corruption In Eastern Europe, Communism, And The European Union

We?ve Been Nominated As A ?Leading Force? On Transfer Pricing By TPWeek

Op-Ed: Fighting Financial Crime ? At Home And Abroad

Audio: Africa?s Odious Debts: How Foreign Loans And Capital Flight Bled A Continent

USSOUTHCOM Commander: Illicit Financial Flows Enable ?Staggering? Transnational Organized Crime

Clips

Incorporation Transparency

Payday Lender Political Donors Hidden in Corporate Names
Bloomberg, March 21, 2012
By Jonathan D. Salant

Of all the names disclosed as donors to Restore Our Future, a political action committee supporting Mitt Romney, some stand out for how little they reveal.

RTTTA LLC of Provo, Utah, is one of four corporations created by auto-title and payday lenders who are subject to financial regulations in the Dodd-Frank financial overhaul law that Romney has vowed to repeal.

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Illicit Trade

Illegal logging makes billions for gangs, report says
BBC News, March 20, 2012
By Richard Black

Illegal logging generates $10-15bn (£7.5-11bn) around the world, according to new analysis from the World Bank.

Its report, Justice for Forests, says that most illegal logging operations are run by organised crime, and much of the profit goes to corrupt officials.

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World Bank Presidency

Developing nations to name two candidates for World Bank
Reuters, March 21, 2012
By Lesley Wroughton

Nigerian Finance Minister Ngozi Okonjo-Iweala and former Colombian Finance Minister Jose Antonio Ocampo are set to be nominated to lead the World Bank, sources with knowledge of emerging market efforts to find candidates said on Tuesday.

The candidacies of Okonjo-Iweala and Ocampo, who have credentials as both economists and diplomats and according to sources the respective backing of Brazil and South Africa, pose a challenge to the United States, whose hold on the top post has never been contested.

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US under pressure over World Bank chief
The Financial Times, March 21, 2012
By Robin Harding

The US is under intense pressure to nominate a top-notch candidate for the World Bank presidency after developing countries put forward two credible contenders of their own.

Ngozi Okonjo-Iweala, the Nigerian finance minister, and José Antonio Ocampo, the former finance minister of Colombia, will be nominated as candidates for the presidency before the deadline on Friday.

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Corruption

15-Year Inquiry Finds Corruption Widespread in Irish Politics
The New York Times, March 22, 2012
By Douglas Dalby

After 15 years of hearings, a tribunal in Ireland concluded that ?corruption affected every level of Irish political life? and that a former prime minister, Bertie Ahern, had failed to tell the truth about more than $275,000 he received while in office. But the tribunal said it could not conclude that Mr. Ahern had taken bribes.

The investigative body, known formally as the Tribunal of Inquiry into Certain Planning Matters and Payments and informally as the Mahon Tribunal, investigated allegations that politicians sought bribes from property developers in return for favorable decisions on land rezoning in and around Dublin during the 1980s and 1990s. The tribunal delivered its final report on Tuesday.

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Allen: Corruption, safe havens block Afghan success
The Washington Times, March 22, 2012
By Kristina Wong

The top allied commander in Afghanistan said Thursday that the two biggest obstacles to success in Afghanistan are corruption in the Afghan government and militant safe havens in Pakistan.

?We know that al Qaeda and other extremist networks ? the very same networks that kill Afghan and coalition troops every day ? still operate with impunity across the border in Pakistan,? Marine CorpsGen. John Allen said at a Senate Armed Services Committee hearing.

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?Nigeria slow in tackling money laundering?
The Nation, March 22, 2012
By Akinola Ajibade

The Director-General, Inter-Governmental Action Group Against Money Laundering in West Africa, (GIABA), Dr Abdulahi Shehu, yesterday said Nigeria is slow in tackling money laundering and terrorism financing.

Speaking at the Committee of Chief Compliance Officers of Banks in Nigeria,( CCCOBIN), Second International Conference on Customer Due Diligence, in Lagos, Shehu said the inability of the country to tackle money laundering and its predicate offences has become a stigma to her.

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Helping to reduce crime
The Star (Malaysia), March 22, 2012

Bank Negara?s regulatory and supervisory activities also aim to reduce the scope for the regulated financial sector to be used for illegal purposes, including money laundering and financial crime.

This is important to preserve the integrity of, and public confidence in, the financial system.

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Bribery

Class Action Suit Adds To Avon?s Bribery Probe Woes
The Wall Street Journal (blog), March 21, 2012
By C.M. Matthews

A securities class action suit filed Friday alleges Avon Products Inc. and two senior executives lied to investors about the company?s compliance with a U.S. anti-bribery law and that executives ?recklessly disregarded bribery activities? at the company?s China unit. It seeks compensatory damages on behalf of Avon shareholders.

The suit, filed in federal court in Manhattan, is the latest chapter in the company?s troubles that first came to light in 2008 when it disclosed it had launched an internal investigation.

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Tax Information Exchange

The creeping futility of the global forum?s peer reviews
Eurodad, March 22, 2012
By Carlos Villota

The OECD?s Global Forum peer review, the main mechanism for assessing the effectiveness of Tax Information Exchange Agreements (TIEAs), is seriously flawed and therefore contributes to failure in reducing rampant tax evasion.

The findings of a new Tax Justice Network report published today run directly counter to claims made by the OECD that its TIEAs represent the new international standard on tax transparency.

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Global Financial Integrity (GFI) promotes national and multilateral policies, safeguards, and agreements aimed at curtailing the cross-border flow of illegal money. In putting forward solutions, facilitating strategic partnerships, and conducting groundbreaking research, GFI is leading the way in efforts to curtail illicit financial flows and enhance global development and security.

For additional information please visit http://www.gfintegrity.org.