This month, Transparency International published its survey of the UK’s AML enforcement and confiscation systems, particularly in relation to Financial Action Task Force (FATF) defined “grand corruption” (bribe-taking or kickbacks, extortion, self-dealing, conflicts of interest, and embezzlement from the national treasuries).
Entries in Transparency International (88)
Kuwait's Social Affairs and Labor Ministry issued a decree on May 7 that dissolved the board of the independent Kuwaiti Transparency Society (KTS).
Transparency International recently published its first analysis of corporate transparency, measuring the amount and quality of corporate disclosure by the world’s largest 120 enterprises. The results? Not a single U.S. company made the top ten most transparent companies (yet surprisingly one made the bottom ten: Warren Buffet’s Berkshire Hathaway). Six of the top ten companies were European, including Spain’s Banco Santander, coming in at number five.
Job Title: Program Coordinator Europe and Central Asia, Whistleblowing Program
Employer: Transparency International
Location: Berlin, Germany
Transparency International released its 20th edition of the Corruption Perceptions Index (CPI) today, available here. The 2014 CPI ranks 175 countries based on the perceptions of public sector corruption. Denmark is at the top of the list with a CPI score of 92. Similar to the last several years, North Korea and Somalia are at the bottom of the list, scoring 8 each.
Last month, the DOJ's Leslie Caldwell, described the fight against corruption as “a necessary enforcement action to protect our own national security interests and the ability of our U.S. companies to compete on a global scale.” These comments not only apply to FCPA enforcement but also highlight the long-recognized notion that corruption can threaten peace and security. Today, the threat posed by corruption to security is especially relevant to Africa and the Middle East.
Transparency International's open letter to the G20 leaders requiring transparency of ownership ought really to be pushing at an open door. Particularly so, in the light of the Financial Action Task Force's Recommendations 24 and 25 (published in 2003 and updated in 2012) which require member countries to ensure that accessible information can be obtained and exchanged on beneficial ownership of legal persons and trusts/arrangements.
Transparency International signed a letter with prominent prosecutors and corruption hunters addressing G8 leaders on the urgency to curb money laundering.
Dear G20 leaders,
When a global financial system allows billions of dollars of corrupt or stolen money to flow unchecked around the globe, something is wrong. When financial secrecy helps strip Africa of $50 billion each year, something is wrong. When the poor of this world see the wealth of their countries slip beyond their borders, something must be done.