UNODC: Illicit money: how much is out there?

Criminals, especially drug traffickers, may have laundered around $1.6 trillion, or 2.7 per cent of global GDP, in 2009, according to a new report by UNODC. This figure is consistent with the 2 to 5 per cent range previously established by the International Monetary Fund to estimate the scale of money-laundering.

Less than 1 per cent of global illicit financial flows is currently being seized and frozen, according to the report Estimating illicit financial flows resulting from drug trafficking and other transnational organized crime. “Tracking the flows of illicit funds generated by drug trafficking and organized crime and analysing how they are laundered through the world’s financial systems remain daunting tasks,” acknowledged Yury Fedotov, Executive Director of UNODC.

Corrupt Money Concealed in Shell Companies and Other Opaque Legal Entities, Finds New StAR Study

Most large-scale corruption cases involve using legal entities to conceal ownership and control of corrupt proceeds, and policymakers should take steps to improve transparency to reduce opportunities for wrongdoing, according to a study released today by the Stolen Asset Recovery (StAR) Initiative of the World Bank and the United Nations Office on Drugs and Crime.

The report, The Puppet Masters: How the Corrupt Use Legal Structures to Hide Stolen Assets and What to Do About It, examines how bribes, embezzled state assets and other criminal proceeds are being hidden via legal structures – shell companies, foundations, trusts and others. The study also provides policy makers with practical recommendations on how to step up ongoing international efforts to uncover flows of criminal funds and prevent criminals from misusing shell companies and other legal entities.

OECD: Corruption: Kazakhstan should strengthen legislation and integrity of state institutions

Kazakhstan should complete the reform of its criminal legislation in order to comply with international standards and strengthen integrity in the public administration, according to a new report by the Istanbul Anti-Corruption Action Plan (IAP). The report commends Kazakh leaders for declaring that the fight against corruption is a top priority and for ratifying the UN Convention [...]

OECD: Corruption: Armenia should step up implementation of anti-corruption policies and laws

Armenia should step up its fight against corruption by ensuring an effective enforcement of laws and giving institutions the resources they need to tackle it, according to a new report by the Istanbul Anti-Corruption Action Plan (IAP). Armenia’s leaders have recently taken steps to improve their country’s anti-corruption policies, legislation and institutions. However citizens and business still consider [...]

Korea making notable progress on fighting foreign bribery; further improvements needed, says OECD

Korea has improved its information and intelligence gathering capacity in foreign bribery cases, but should be more proactive in investigating allegations, according to a new OECD report.

The OECD acknowledges progress made, and says Mexico should further prioritise fighting foreign bribery

Mexico has improved, but needs to give greater priority to the criminal enforcement of bribery and ensure that its criminal law enforcement authorities have all the resources and expertise they need to seriously investigate all allegations, according to a new OECD report.

G20 Finance Ministers and Central Bank Governors Communiqué: Paris, France

1. We, the G‐20 Finance Ministers and Central Bank Governors, met at a time of heightened tensions and significant downside risks for the global economy that need to be addressed decisively to restore confidence, financial stability and growth.

Task Force Response To 2nd FATF Consultation Paper: Review Of The Standards – Preparation For The 4th Round Of Mutual Evaluations

In June 2011, the Financial Action Task Force (FATF), published it’s second public consultation paper seeking input as the organization conducts a review of its 40+9 Recommendations. Attached is the official response from the Task Force on Financial Integrity and Economic Development (Task Force).

OECD: Tax: Jurisdictions Move Towards Full Tax Transparency

PARIS – Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports.

Governments Concerned that Some Corporations Unfairly Claim Losses to Avoid Taxes

PARIS (OECD) – Due to the recent financial and economic crisis, global corporate losses have increased significantly. Numbers at stake are vast, with loss carry-forwards as high as 25% of GDP in some countries. Though most of these claims are justified, some corporations find loop-holes and use ‘aggressive tax planning’ to avoid taxes in ways that are not within the spirit of the law.

Full implementation of reforms key to success of Greek programme, says OECD report

PARIS – Greece’s ambitious programme to tackle its economic crisis can succeed in rebuilding growth, jobs and living standards if the reforms are fully implemented, according to a new OECD report.

Rintaro Tamaki named as OECD Deputy Secretary-General

PARIS – The OECD is pleased to announce that Rinatro Tamaki has been appointed as Deputy Secretary-General.