The Financial Transparency Coalition (FTC) is a global network of civil society, governments, and experts. They work to curtail illicit financial flows through the promotion of a transparent, accountable, and sustainable financial system that works for everyone.
The FTC was founded in 2009 under the name of the Task Force on Financial Integrity and Economic Development. Since its inception, the FTC and its members have successfully mobilized governments and citizens to take action against illicit financial flows, while advocating for a more transparent financial system that better serves for financing development. They use their wide reach and deep expertise to influence global norms and standards for financial transparency, and close loopholes in the global financial system.
The Shadow Financial System and the Need for Greater Transparency
Over the past half century, the shadow financial system has grown more complex, and the tools to hide and move money undetected have proliferated. Whether it’s through anonymous companies and tax havens, or simply through the lack of regular communication between authorities across borders, illicit financial flows—money that’s illegally earned, transferred or utilized – now amount to nearly a trillion dollars flowing out of developing countries each year.
World leaders from Thabo Mbeki to David Cameron to Juan Manuel Santos have sounded the alarm about illicit flows, but the rules of global finance remain distorted. Under current rules, corporations can earn record profits while hiding billions offshore to avoid paying taxes. Corrupt government officials can pilfer state revenues to buy luxury apartments in New York City unbeknownst to their citizens. Criminals engaged in drug trafficking, poaching, and other crimes can launder their ill-gotten gains. Unfortunately, these are not isolated instances: as the Swiss Leaks and the Lux Leaks have revealed, these crimes are happening every day.
The Coalition urges international organizations, governments, and the financial community as a whole, to substantially improve transparency in the global financial system by taking a few clear steps to level the playing field.
The Coalition focuses on six issue areas:
- Country by Country Reporting
- Beneficial Ownership
- Automatic Exchange of Information
- Open Data
- International Institutional Architecture
Where is Financial Transparency Coalition (FTC)