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TI-UK Letter to Prime Minister on G8 Priorities

Transparency International UK wrote to the Prime Minister to welcome the commitment to transparency as one of the priority areas for the UK’s presidency of the G8, and to set out three areas in which we feel the UK should take action – money laundering, tax havens, and transparency in the extractive industries.

1. Stolen assets and money laundering

  • The UK and the G8 should work with stakeholders to develop adequate measures of success to evaluate whether the global anti-money laundering system is working.
  • The UK should take this opportunity to push for commitment and resources to coordinate intelligence sharing and law enforcement.
  • The beneficial owners of all trusts and companies should be declared in a public register.

2. Tax havens

  • The UK should take a lead in ensuring that its Crown Dependencies and Overseas Territories fully implement laws that are compatible with UK and international best practice are sufficiently resourced to combat illicit financial flows, and do not allow for loopholes in the system which can be exploited.
  • Companies should be required to be transparent about taxes and payments to government in each jurisdiction in which they operate or have a legal presence.

3. Extractive Industry Transparency

  • The UK Government should sign up to and implement the EITI standards in order to establish itself as a leader in this area and to set a good example for other G8 countries to follow.
  • As an influential voice in the EU, the UK should ensure that the relevant EU Directives are finalised without delay and that key provisions are not watered down.

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ADDITIONAL INFO

  • Report published: Feb 2013

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