Showing posts with label tax havens. Show all posts
Showing posts with label tax havens. Show all posts

Wednesday, November 18, 2009

War-torn nations 'most corrupt'


War-torn nations remain the world's most corrupt, Transparency International (TI) has said.

Afghanistan, Iraq and Somalia are the lowest-ranked countries in TI's annual global survey. They were all at the bottom of the list last year as well.

"When essential institutions are weak or non-existent, corruption spirals out of control," TI said.

New Zealand was the least corrupt, with last year's winner Denmark as runner-up and Singapore third.

It said this was a result of "political stability, long established conflict of interest regulations and solid, functioning public institutions".

The issue of corruption in Afghanistan is particularly pressing. Widespread fraud marred the country's last elections, while the US is still debating whether to increase troop levels.

The UK ranked 17th, down one place from last year. The US also fell one place to 19th.

The organisation said tackling public sector corruption was even more pressing now, as governments worldwide had spent huge amounts of public money bailing out banks and public institutions.

"At a time when massive stimulus packages, fast-track disbursements of public funds and attempts to secure peace are being implemented around the world, it is essential to identify where corruption blocks good governance and accountability," TI said.

TI also welcomed action by the OECD and G20 group of richest nations to tackle tax havens and other places where corrupt government officials often harbour their money.

"Corrupt money must not find a safe haven," it said. "The OECD's work in this area is welcome, but there must be more bilateral treaties on information exchange to fully end the secrecy regime."

Monday, November 9, 2009

Corruption costs $1.6tn, UN says




The United Nations (UN) has said political corruption costs governments about $1.6tn (£951bn) every year.
The money is lost in public assets moved across borders via money-laundering or undeclared holdings.
The figure comes as the UN, World Bank and other watchdog meet in Doha, Qatar, to try to give a four-year-old anti-corruption agreement some teeth.
But hopes are low of countries agreeing to independent reviews into countries' finances to look for missing money.
Countries such as China, Iran and Russia are resisting such measures.
Two previous summits have failed to expand the powers of the UN's anti-corruption convention.
"We hope to have a commitment to action," said Ngozi Okonjo-Iweala, a former Nigerian finance minister who is now managing director of the World Bank. "We've had a lot of talk. Now we'd like to see some action."
There is also disagreement over how best to implement the tracking of money, because of tax havens and secretive banking codes in some nations.