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Despite Panama Papers, EU Member States reject transparency

20 December 2016 In response to the Panama Papers, the European Commission has suggested a crackdown on shell companies by creating transparency around the true owners of companies. But today, EU Member States agreed on a negotiating mandate where they reject this idea, and instead opt to keep the status quo. Currently, the EU only requires Member States to grant citizens access to information about company ownership if they can demonstrate a ‘legitimate interest’ in the information. Tove Maria ...
Eurodad has produced two briefings, one on Development Finance Institutions (DFIs) and public country by country reporting (CBCR), the other on DFIs and public disclosure of beneficial ownership (BO). The briefings put forward general recommendations ...

blog
Ending corporate secrecy: within our reach but slipping away

Christian Hallum

13 Nov 2014 15:20:34

Hidden Profits – a new report coordinated by Eurodad – exposes the policies that keep transnational companies’ profits untaxed. Coming hot on the heels of the recent leak from Luxembourg exposing corporate tax deals, the report finds that an important part of the tax dodging scandal is corporate secrecy. The report recommends a public register of beneficial owners as a key solution. The EU can make this happen in its review of its Anti-Money Laundering Directive, but urgent action is needed to counterbalance resistance to this idea. Last week’s leak from Luxembourg – quickly dubbed ‘Lux Leaks’ – shone some rare light into the secret world of how transnational companies get away with dodging their tax bills. Transnational companies have saved billions of dollars in taxes by ...

blog
Financing for whose development? DFIs and their support for companies that use tax havens

Mathieu Vervynckt

04 Nov 2014 11:58:53

This blog first appeared on From Poverty to Power. The Third UN Conference on Financing for Development (FfD), set to take place in Addis Ababa next year, will be a crucial opportunity to discuss two of the hottest topics in development finance today: the use of scarce public resources to leverage the private sector, and the fight against international tax avoidance and evasion. Both topics come together in Eurodad’s new report, Going Offshore, though probably not in the way you might expect.  Previous Eurodad research has shown that despite the lack of public information about how they work and their impact on development, Development Finance Institutions (DFIs) – government-controlled institutions that support private sector projects in developing countries – have come to ...

press
Billions of euros intended for projects in developing countries routed through the world's most secretive financial centres

New Eurodad report investigates private sector support by European Development Finance Institutions  Tuesday November 4th  Billions of euros intended for projects in developing countries are being routed through tax havens and are shrouded in secrecy, according to a new report released today (Tuesday November 4th). The report, Going Offshore, examines support given to private sector companies by Europe’s biggest Development Finance Institutions (DFIs) and the International Finance ...
Tax was one of the key issues tackled when Commissioner candidates faced MEP questioning in the European Parliament over the past two weeks. Junker’s lineup of candidates were being grilled on their policies – and every other imaginable issue ...

blog
World Bank’s content-free report shows need for a rethink of its policy on tax havens

Mathieu Vervynckt

08 May 2014 10:50:07

On 7 April, the World Bank Group published a report on the first year of implementation of its policy on the use of Offshore Financial Centres (OFCs) – commonly known as tax havens – in its private sector operations. The report, which comes after repeated calls from civil society organisations for a stronger policy, fails to include the necessary information to make a proper assessment of the Bank’s implementation efforts. Once again, it exposes the inadequacies of the current policy in terms of tackling tax evasion and avoidance.  The World Bank Group’s current policy, which was adopted in November 2011, requires its private sector lending arm, the International Finance Corporation (IFC), to report to its Board of Directors on the implementation of its policy towards OFCs. This ...

press
European Parliament gives overwhelming ‘yes’ vote to end secret corporate ownership

Joint NGO media reaction   Financial Transparency Coalition – Eurodad - Global Witness – Transparency International EU office - Oxfam European Parliament gives overwhelming ‘yes’ vote to end secret corporate ownership NGOs welcome the decision to set up public registers of the real owners of companies  and trusts across Europe   Brussels, March 11th 2014 Today, the European Parliament endorsed the creation of public registers of who really owns companies, trusts and other ...