Deutsche Bank raid underscores need for coordinated global leadership against financial secrecy

Issued by Transparency International Secretariat



Yesterday’s police raid at the headquarters of Deutsche Bank highlights the lack of coordinated global leadership against financial secrecy from the world’s richest nations, according to Transparency International.

The news that prosecutors suspect Deutsche Bank staff of helping clients skirt money laundering regulations by setting up offshore companies came as G20 leaders prepared to meet in Buenos Aires, after yet another year of insufficient action against the shell companies which fuel corruption.

According to an April 2018 report by Transparency International, most G20 nations are failing to implement the principles on combating anonymous company ownership that were adopted in 2014.  G20 president Argentina recently eliminated the obligation to make publicly available the list of shareholders of a foreign company wishing to operate in the country.

In Buenos Aires, Transparency International and its Argentinian chapter Poder Ciudadano have lined the G20 leaders’ route to the summit venue with posters urging them to “implement your anti-corruption commitments.”


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