Weekly news – 2 February 2018
What’s the connection between corruption and financial secrecy?
- In a sense, they’re two sides of the same coin. As seen recently in the Paradise Papers, it is often secrecy in rich countries that enables corruption in poor ones. In the Financial Secrecy Index published this week, Switzerland comes out on top, and the US moves into 2nd place.
- Following a four-year campaign from our chapter, the UK government introduced new powers that law enforcement can use to investigate suspicious wealth. Recent years have seen multiple scandals in which corrupt individuals have used the UK luxury property market to launder their stolen cash.
- Meanwhile, our chapters in Russia, Chile and Brazil recently published analysis of corporate transparency in their countries. Despite a distinct aversion to transparency among some business leaders, these reports show signs of improvement.
- This week we also explored whether the blockchain technology that powers things like Bitcoin will help or hinder the fight against corruption. One the one hand, this disruptive technology can make it easier to quickly and secretly move money across borders. On the other, it can make contracts more secure and prevent fraud. Find our more below.
This is the first story of our new series Real Lives, Real Stories, written by staff from our national chapters in the Asia Pacific region. Stories about different people and different situations in different contexts, but with one common message: change is possible when citizens get involved, even when the odds seem stacked against them.
The global anti-money laundering (AML) agenda is increasingly shifting from a debate about technical compliance towards whether the measures being taken by governments and businesses are effective.
Bitcoin and the blockchain technology that drives it are among the most disruptive digital innovations to have emerged in recent years. We take a look at the potential of blockchain in anti-corruption efforts.
- African Union: Anti-corruption week at AU summit
Africanews (26 January)
- Australia: Joyce says anti-corruption body not needed but he’s ‚happy‘ to examine options
The Guardian (31 January)
- Global: Swiss bank PKB broke money-laundering rules in Brazilian cases: FINMA
Reuters (1 February)
- Saudi Arabia: What’s behind Saudi Arabia’s anti-corruption crackdown, which it says led to the recovery of more than $100 billion?
Los Angeles Times (1 February)
- Maldives: Maldives court throws out case against Mohamed Nasheed
Al Jazeera (2 February, TI mention)
- Romania: Romanian senator demands anti-corruption prosecutor to stand down
euronews (2 February, TI mention)
Source: Transparency International
In thFinancial Secrecy Index published this week, Switzerland comes out on top, and the US moves into 2nd place.