Major international policymaking bodies such as the G8 and G20, countries, international organizations, civil society organizations and others around the globe are working to bring about reforms in the area of transparency and beneficial ownership of legal entities (such as companies and foundations) and legal arrangements (e.g. trusts). StAR has compiled here the key materials on the international community's effort to fight the misuse of legal structures to conceal the origin and/or destination of proceeds of corruption and other financial crimes.
In June 2013 the G8 endorsed core principles that are fundamental to the transparency of ownership and control of companies and legal arrangements.
All G8 member countries have published their national Action Plans to implement the G8 Principles:
The G20, particularly through its Anti-Corruption Working Group (ACWG), has played an active role on the issue of transparency and beneficial ownership. ACWG documents, including those listed below, can be accessed at http://g20.org/docs/g20_russia/materials.html.
- Remarks by World Bank Managing Director Caroline Anstey at Closing Plenary of G8 Conference on Tax, Trade and Transparency
- World Bank Managing Director Caroline Anstey Remarks at the UN Security Council Meeting on Fragile States and Natural Resources
- The Puppet Masters: How the Corrupt Hide Stolen Assets Using Legal Structures and What to Do About It
- The Puppet Masters: Factsheet
- StAR Corruption Cases search center
- Emile van der Does de Willebois, “Tearing down the walls of corporate secrecy – the G8 leads, but will it follow up?
- Emile van der Does de Willebois, “How can we stop the corrupt from gaming the system? More transparency.”
- The Economist, “Grand schemes: A World Bank report blasts the abuse of company registration for corrupt ends"
World Bank Institute
United Nations / United Nations Convention against Corruption
Financial Action Task Force
- International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation - the FATF Recommendations (The FATF Recommendations), 2012
- Methodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems
- Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals
- Money Laundering Using Trust and Company Service Providers
- The Misuse of Corporate Vehicles, Including Trust and Company Service Providers
Organisation for Economic Co-operation and Development (OECD)
- Behind the Corporate Veil: Using Corporate Entities for Illicit Purposes
- OECD Global Forum on Transparency and Exchange of Information for Tax Purposes
- OECD Principles of Corporate Governance
- Disclosure of Beneficial Ownership and Control in Indonesia: Legislative and Regulatory Policy Options for Sustainable Capital Markets
Beneficial Ownership Guides
US Senate Documents
- US Senate Permanent Subcommittee on Investigations: Money Laundering and Shell Companies (Links to Reports and other Documents)
- US Senate Permanent Subcommittee on Investigations: Keeping Foreign Corruption Out of the United States: U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History
- US Senate Permanent Subcommittee on Investigations: Keeping Foreign Corruption Out of the United States: Four Case Histories (2010)
- Michael Findley, Daniel Nielson, Jason Sharman, Global Shell Games: Testing Money Launderers’ and Terrorist Financiers’ Access to Shell Companies
- UNCAC Civil Society Coalition, Civil society recommendations in reaction to new G20 Anti-Corruption Action Plan 2013 - 2014
- UNCAC Civil Society Coalition, Letter to the Ministers of Finance and Governors of Central Banks meeting in Washington D.C. on April 20, 2012 in the forum of the International Monetary and Financial Committee
- Global Witness, Anonymous companies: A Global Witness briefing
- Transparency International, "EU leaders must end financial secrecy"
- Transparency International UK, "Combating Money Laundering and Recovering Looted Gains: Raising the UK's Game"