Financial regulators and governments must act to stop corruption in the financial system

Issued by Transparency International Secretariat

The ‘Paradise Papers’ revelations published on 5 November by the International Consortium of Investigative Journalists (ICIJ) and its partners show how the rich and powerful around the world are able to hide wealth through complex and opaque financial structures which allow them to keep their business dealings secret. These secret structures can also be used by the corrupt. 

Delia Ferreira Rubio, chair of Transparency International said:

 “The high-profile list of people and corporations in this latest scandal is shocking. Clearly financial oversight authorities and lawmakers must realise the system is broken. Complex, cross-border structures are being used to facilitate a wide range of secret activity, which could include corruption, fraud and abusive tax schemes. 

“Too many people are finding ways to hide wealth. If that wealth is from the proceeds of corruption it means criminals are being given the means to live off ill-gotten gains. Too often money that should

... read more at: https://www.transparency.org/news/pressrelease/financial_regulators_and_governments_must_act_to_stop_corruption_in_the_fin

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