bribery tagged posts

Developing Nations Loose USD 6.5 Trillion Since 2000

January 24, 2011 International Tax CooperationOffshore BankingOffshore TaxationTax Havens

Cash DepositTax evasion, trade mispricing, bribes, and other forms of illicit financial activity caused nearly USD 1.26 trillion to flow from developing nations into wealthier countries in 2008, with the rate growing by an average of 18 percent since the year 2000.

Last week Global Financial Integrity (GFI), an independent international body aimed at eliminating the occurrence of illicit cross-border flow of capital, released the latest annual report on the severity of illicit outflows across the developing world.

The report stated that the magnitude of illicit capital outflows out of developing nations has increased by 18 percent per year since the year 2000, if viewed in current dollar terms. At the beginning of the decade illicit flows totaled approximately USD 369...

Read More

International Fight on Foreign Bribery Lagging

July 30, 2010 International Tax Cooperation

CoinsCountries representing an approximate 70 percent of world trade have been deemed as not having taken enough action to combat the occurrence of international bribery.

Only 7 countries in the world have been evaluated as actively enforcing anti-bribery laws and the Organization of Economic Cooperation and Development’s (OECD) ban on foreign bribery instated through its Anti-Bribery Convention. The figures were revealed in Transparency International’s 2010 Progress Report on the illicit payments and bribes made to foreign public officials in international business transactions in order to win contracts or favorable treatment...

Read More

OECD Steps Up to Fight Bribery

March 4, 2010 International Tax Cooperation

National Flags of Member StatesThe Organization of Economic Cooperation and Development (OECD) has announced that from March 2010 it will begin to monitor its member states’ implementation of the newly established Good Practice Guidance on Internal Controls, Ethics and Compliance, the most comprehensive international business anti-bribery guidelines ever released by the organization.

On March 3rd the OECD announced that the 38 member-nations of the OECD’s Anti-Bribery Convention will begin to monitor the progress of participating jurisdictions in encouraging international businesses to adapt the anti-bribery measures. The newly released Good Practice Guidelines calls on businesses to implement clear and visible anti-bribery policies, and strict controls from corporate senior level staff...

Read More