Strategizing International Tax Best Practices – by Keith Brockman

Posts tagged ‘transparency international’

EU Policy Paper: Beneficial Ownership transparency

The EU Policy Paper, issued by Transparency International, is entitled :”Fighting Money Laundering in the EU: From Secret Ownership to Public Registries.”  The stated objective is to provide company ownership information freely available as a shared objective in the public interest.  The Policy Paper is referenced herein:

Click to access TI-EU-Policy-Paper-Beneficial-Ownership.pdf

The primary objective of this initiative, as stated in the Policy Paper, is: “To keep a level playing field and maximize their benefit, public registries must be made public in all EU Member States as well as internationally.”  The ultimate Beneficial Owner is to provide detailed information.  This recommendation is pursuant to a review of the 3rd EU Anti-Money Laundering Directive, forming a basis for the 4th EU Directive.

As a Best Practice, this initiative should be monitored from a tax policy perspective in alignment with the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan steps, as well as similar trends meant to uncover complex and non-transparent ownership schemes.  It is noted that the EU Policy Paper is meant to extend the transparency reporting internationally, not only for EU Member States.

Corruption assessment: a component of Global (Tax) Risk Framework

The Eight Millennium Development Goals (MDGs) ...

The Eight Millennium Development Goals (MDGs) of UN. Target date: 2015 (Photo credit: Wikipedia)

Today’s tax environment of increased transparency highlights the need to integrate an assessment of corruption into the Global Risk Assessment, including the Tax Risk Framework.  Proper governance includes monitoring perceptions, and actual cases, of corruption globally.  Brief summaries, with links, have been provided for Transparency International and the Global Portal on Anti-Corruption for Development, with additional references and recent articles, for reference.  The Corruption Perceptions Index by Transparency International is included in the first link.

Today the Transparency International movement includes more than 100 independent national chapters and partners around the world, which take action in support of our mission “to stop corruption and promote transparency, accountability and integrity at all levels and across all sectors of society”.

Transparency International calls on the United Nations to adopt a governance goal and governance targets for its post 2015 development priorities

The Global Portal on Anti-Corruption for Development is a one-stop-shop for information and knowledge specialized on anti-corruption for sustainable development. It aims to support the work of development/governance practitioners, anti-corruption bodies, researchers, civil society organizations and the donor community by facilitating easy access to information, cutting-edge knowledge and practical tools on anti-corruption at the global, regional and country level.

The Anti-Corruption for Development web portal is a unique and pioneering UN web platform that provides open access to information and knowledge related to the latest efforts to address corruption prevention against today’s development challenges: human rights, gender equality and empowerment, climate change and natural resource management, achievement of the Millennium Development Goals (MDGs) and Post-2015 Development Agenda, illicit financial flows and transitional contexts, among others.

The Conference of Nigerian Political Parties (CNPP) has asked the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, to resign forthwith for misleading President Goodluck Jonathan on the damaging level of corruption in the country.

CNPP’s demand came as an aftermath of President Jonathan’s remarks in which he referred to a World Bank report from the minister placing corruption as third in the ranking of problems confronting the country.

Industry’s leading third party management software provider advises oil and gas companies to fundamentally re-think supply chain compliance.

With the realization that corruption is undermining development and the achievement of the Millennium Development Goals (MDGs), experts are lobbying the UN to adopt goals and targets on good governance and transparency in the post-2015 development agenda.

A high-level anti-corruption panel, co-chaired by UNDP, Transparency International and UNODC, gathered at the UN in New York in late September to highlight the impact of corruption on development and find ways to ensure that anti-corruption is part of the new global development agenda.

Is internal corruption slowing progress in developing countries?

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