Increasing transparency has become an uncertain element in the laundry list of reforms, regulations, agreements, and actions expected to be discussed when the G20 meets this week. Of the original three solutions proposed to be addressed by the G20 process: stimulus, regulation, and transparency, it is the first two: stimulus and regulation, which have emerged as dominant themes for Thursday’s meeting. This is a critical misstep as transparency represents the most reasonable and effective means for strengthening and revitalizing the global financial system.
The communiqué following the November 15th meeting of the G20 in Washington was bold and comprehensive, with “strengthening transparency and accountability” well argued and placed ahead of “enhancing sound regulation.” But transparency did not appear in the elements paper preceding the April 2nd meeting in London. Nor did it appear in U.S. Treasury Secretary Timothy Geithner’s statement following the March 14th finance ministers meeting in Horsham. And it appeared only glancingly—“transparency of exposures to off-balance sheet vehicles”—in the general communiqué following that meeting.
WASHINGTON, DC – Global Financial Integrity Director Raymond Baker released the following statement ahead of the upcoming G20 summit in London.
Global Financial Integrity
WASHINGTON, DC – The Government of Denmark is the newest member to join the Task Force on Financial Integrity and Economic Development, Global Financial Integrity announced this week.
Global Financial Integrity
WASHINGTON, DC – Global Financial Integrity welcomed the introduction of the Stop Tax Haven Abuse Act.
Global Financial Integrity
WASHINGTON, DC – International anti-corruption leader Transparency International (TI) is the newest member to join the Task Force on Financial Integrity and Economic Development, Global Financial Integrity (GFI) announced today.
Global Financial Integrity
WASHINGTON, DC – The discovery of “massive and on-going fraud” at Stanford Financial Group, intensifying U.S. pressure against Swiss bank UBS, and strong words of intent to crackdown on tax havens issued Sunday by EU finance ministers are just the latest events to underscore the need to institute transparency measures in tax and financial policy.
Global Financial Integrity
WASHINGTON, DC – Global Financial Integrity (GFI) applauds the European Commission’s adoption of measures to improve cooperation between EU member states and increase transparency in tax assessment and collection. These measures to abolish bank secrecy and foster greater cooperation between EU nations are part of wider EU efforts to crackdown on tax evaders.
Global Financial Integrity
WASHINGTON, DC – As policy makers, business leaders, and institutional stakeholders convene in Davos, Switzerland for the World Economic Forum, Global Financial Integrity (GFI) urges participants to call for greatly improved financial transparency and accountability.
