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Wolfsberg Group issues statement on corruption

Wolfsberg Group recently issued a statement against corruption in close association with Transparency International (TI) and the Basel Institute on Governance.

The statement outlines ways in which banks can protect themselves against the misuse of their operations for corrupt practices and suggests methods to prevent corruption internally.

The Wolfsberg Group statement is significant because it is the first time the group of 12 high-profile global banks has unanimously agreed upon a position that recognises the industry’s responsibility in the fight against corruption.

Transparency International has continually highlighted the role of legal and financial professionals in facilitating corruption by, wittingly or not, allowing the proceeds of corruption to be moved, laundered, stored and invested. TI helped form the Wolfsberg Group, which published its anti-money laundering principles in 2000, to establish standards and guidelines for the financial services industry to prevent the flow of corrupt money.

Transparency International is proud to have been part of this process, which has resulted in significant commitment from the financial sector, to the fight against corruption.

For the full statement, please see:

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Gypsy Guillén Kaiser
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