Put an end to money laundering, bribery and corruption

Filed under - Intergovernmental bodies

Opinion by Cobus de Swardt, Managing Director, Transparency International in G7: The 2014 Brussels Summit – 6 June 2014
Image of speaker/author

Corruption around the world is facilitated by the ability to launder and hide proceeds derived from the abuse of power, bribery and secret deals. Dirty money enters the financial system and is given the semblance of originating from a legitimate source, often by using corporate vehicles offering disguise, concealment and anonymity. For example, corrupt politicians used secret companies to obscure their identity in 70 per cent of more than 200 cases of grand corruption surveyed by the World Bank.

For far too long, crooked figures have been able to stash the proceeds of corruption easily in foreign banks or to invest them in luxurious mansions, expensive cars or lavish lifestyles. They do this with impunity and in blatant disregard for the citizens or customers they are supposed to serve.

Importantly, the corrupt are aided by complacent and sometimes complicit governments of countries with banking centres that facilitate money laundering and allow the corrupt to cross their borders to enjoy stolen wealth. Weak government actions are failing to prevent the corrupt from evading justice and have enabled cross-border transfers of corrupt assets. Complacent governments responsible for protecting the public from such criminal acts are de facto supporting impunity for corruption.

Read the full article

Country / Territory - International   
Language(s) - English   
Topic - Accountability   |   Civil society   |   Financial markets   |   Governance   |   Intergovernmental bodies   |   Law enforcement   |   Politics and government   |   Private sector   
Tags - Money laundering   |   G7   |   Impunity   |   Cobus de Swardt   |   Secrecy jurisdictions   |   Beneficial ownership   |   Group of Seven (G7)   |   Banking secrecy   |   public registries of beneficial ownership   |   Banking and finance   |   Complacency   |   Complicity   

Related news

27
Apr
2018

The new IMF anti-corruption framework: 3 things we’ll be looking for a year from now

Last Sunday, the International Monetary Fund (IMF) unveiled its long-awaited framework for “enhanced” engagement with countries on corruption and ...

19
Apr
2018

While the G20 drags its feet, the corrupt continue to benefit from anonymous company ownership

The corrupt don’t like paper trails, they like secrecy. What better way to hide corrupt activity than with a secret company or trust as a front? ...

19
Apr
2018

G20 countries moving too slowly to combat financial crime

Just over two years since the Panama Papers revealed widespread use of anonymous shell companies to facilitate corruption and financial crime, G20 ...

Related publications

Publication cover image

G20 Leaders or laggards? Reviewing G20 promises on ending anonymous companies

The issue of anonymous companies has risen in prominence on the global agenda. Yet, in 2015, our analysis of how well G20 members were implementing ...

Report published – Apr 2018

Publication cover image

Governance at the International Maritime Organisation: the case for reform

The International Maritime Organisation (IMO), a United Nations’ specialised agency, creates “a regulatory framework for the shipping industry ...

Report published – Apr 2018