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

13
Nov
2019

PACE needs investigative body to protect integrity of its mission

As members of the Parliamentary Assembly of the Council of Europe (PACE) prepare to discuss the role and mission of PACE in Berlin this week, ...

24
Oct
2019

Immediate and urgent anti-corruption measures needed in Lebanon

The Lebanese Transparency Association - No Corruption (LTA), the national chapter of Transparency International, today expressed its deep ...

18
Oct
2019

Financial Action Task Force warned about the recent setbacks to Brazil’s efforts to fight corruption

Transparency International submitted to the Financial Action Task Force this week a report that brings light to the many recent setbacks to ...

Related publications

Publication cover image

Recommendations on Lobbying for Open Government Partnership National Action Plans

To many observers, lobbying appears to be a process in which well-resourced interest groups shape public policy according to their own interests in ...

Policy position published – Jul 2018

Publication cover image

Recommendations on Beneficial Ownership Transparency for Open Government Partnership National Action Plans

Anonymous companies underpin corrupt and criminal financial transactions. They were used in 70 per cent of grand corruption cases reviewed by the ...

Policy position published – Jul 2018