OECD countries responsible for most corporate tax losses, so move global tax leadership to UN says TJN
The UK and its dependant territories, the Netherlands, Luxembourg and Switzerland, are together responsible for 50 per cent of global corporate tax losses according to a new report by the Tax Justice Network (TJN). The State of Tax Justice 2023 also argues that global tax…
Gold-based money laundering rife in FTZs in Latin America and the Caribbean says OECD report
Free trade zones (FTZs) across Latin America and the Caribbean are vulnerable to illicit trade, according to a detailed and comprehensive new OECD report, Free trade zones and illicit gold flows in Latin America and the Caribbean. It focuses on the extensive use of gold-based…
Paris launches bid to host European anti-money laundering authority
Paris has officially announced its bid to host the new European Anti-Money Laundering Authority (AMLA) and its staff. The French capital is already home to the Financial Action Task Force (FATF) and the European Banking Authority (EBA), and the city’s bid says that these are…
Implications for financial institutions and IFFs as UN votes to assume responsibility for global tax rulemaking from OECD
The United Nations (UN) General Assembly has adopted a resolution that mandates the UN to assume responsibility for rulemaking on global tax. For sixty years the lead role for global tax rulemaking has been taken by the OECD, and the UN resolution may yet trigger…
Financial sanctions imposed on six UAE banks for non-compliance
Six banks operating in the UAE have been fined for failing to comply with the OECD’s Multilateral Administrative Agreement for Automatic Exchange of Information and Common Reporting Standard (CRS) according to a Central Bank of the UAE (CBUAE) statement. The CRS is a global methodology…
Global Forum reports on African plans and progress to stem IFFs
A lack of transparency facilitates all types of illicit financial flows (IFFs) in Africa, including money laundering and terrorism financing, corruption as well as tax evasion according to a new report published by the Global Forum on Transparency and Exchange of Information for Tax Purposes….
Reintroduce international banks in the oil and gas commodity trade to reduce illicit financial flows says OECD report
Reintroducing large commercial banks into the oil and gas commodity trade could be a way to reduce the volume of illicit financial flows (IFFs) out of resource-rich developing countries according to a new report published by the Organisation for Economic Co-operation and Development (OECD). The…
UK central to US$483 billion annual losses due to tax abuse by multinational companies and wealthy individuals
Tax abuse by multinationals and ultra-wealthy individuals causes annual tax losses of US$483 billion worldwide according to a new report by the Global Alliance for Tax Justice, Public Services International and the Tax Justice Network. The largest share of tax losses of US$312 billion is…
GlobE Network for worldwide anti-corruption information exchange launches today
Today marks the launch of the Global Operational Network of Anti-Corruption Law Enforcement Authorities (GlobE Network), a major international operational network for information exchange between anti-corruption law enforcement authorities. The initiative was developed in partnership with the G20 countries and international organisations, including Interpol, Egmont…
OECD announces framework to prevent IFFs slipping through tax systems
The Organisation for Economic Cooperation and Development (OECD) has developed a framework that aims to support domestic resource mobilisation by countering illicit financial flows (IFFs) and improve tax systems to boost revenue capture. The Tax Crime Investigation Maturity Model is essentially a framework against which…
