Image: International Monetary Fund The G20 Development Working Group (DWG) has released a document outlining its call to action for countries to adopt what it terms voluntary and non-binding high-level principles for combating illicit financial flows (IFFs). The DWG falls under the G20’s Sherpa track and is the key G20 forum for the discussion of Read more >
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CORRUPTION NEWS
For those who wonder why such a fuss is made about illicit financial flows in the form of tax abuse, here is the reason – countries around the world are losing US$492-billion in tax a year because multinational corporations and wealthy individuals are able to use tax havens to avoid or underpay tax. Nearly half Read more >
CORRUPTION NEWS
Image: International Monetary Fund Illicit financial flows (IFFs) have been, and continue to be, a huge problem for developing countries, especially. They hinder countries’ ability to meet the UN sustainable development goals, because they undermine the fiscal systems which are in place to collect government revenue, and reduce the amount of funds available for development Read more >
CORRUPTION NEWS
Image: Flickr/Ryan Morrison Just weeks ago we reported on moves by UN member countries to begin the development of a UN tax convention under resolution 78/230. This would shift the responsibility for setting global tax rules from the OECD to the UN, a move which is expected to help to cut down on global tax Read more >
OPINIONS
By Janine Erasmus – CW Voices “Nigeria and Afghanistan – possibly two of the most corrupt countries in the world.” This politically naīve statement (as we shall see) was uttered by then British prime minister (PM) David Cameron ahead of an anti-corruption summit that took place there in May 2016. But having covered and studied Read more >
OPINIONS
By Janine Erasmus – CW Voices In part one of our latest mini-series, we posed the question: who are the real corrupt countries in today’s globalised context? We considered factors such as beneficial ownership transparency, the implementation of the African Union Anti-Corruption Convention, and pan-African collaboration in anti-corruption research. The usual suspects such as Nigeria Read more >
CORRUPTION NEWS
In part 3 of our new mini-series on financial secrecy, we focus on the Corporate Tax Haven Index (CTHI), published by the Tax Justice Network (TJN) – the 2021 edition, released in March, is the second since 2019. Part 1 of the series looked at the definition of and gave information on secrecy jurisdictions and Read more >
CORRUPTION NEWS
The term ‘secrecy jurisdiction’ might, for many, conjure up the image of a fortified bank vault deep underground in a Swiss city, or a tropical island teeming with wealthy individuals and located far away from troublesome laws and regulations. And indeed, the world’s greatest enabler of global financial secrecy is currently the sunny Cayman Islands, Read more >
CORRUPTION NEWS
In our new mini-series we’ll delve into the issue of financial secrecy – what it is, who enables it, how does it affect economies, which are the big culprits, and what role does corruption play? The series is based on two reports released by the Tax Justice Network (TJN) – the biennial Financial Secrecy Index, Read more >