Time for G20 finance ministers to lead reforms

Tangible steps towards greater global financial transparency needed

Issued by Transparency International Secretariat

Transparency International calls on finance ministers from the Group of 20 leading economies (G20), meeting this week to maintain the growing pressure for greater corporate transparency, particularly of financial institutions.

In a letter to Ministers of Finance from G20 countries and Governors of Central Banks, Transparency International said that corporate transparency is a crucial element for delivering economic growth and fighting corruption.

“The G20 finance ministers have the power to stop corrupt people hiding behind secret bank accounts and opaque corporate structures. Making corporate structures more transparent will help meet the stated aims of the World Bank, IMF and G20: increase financial stability, restore trust and prevent money laundering," said Transparency International chair Huguette Labelle. “This year we have seen a flurry of new rules at EU level. Now it is the turn of the G20 as a whole to keep up the momentum for global financial reform.”

Transparency International is pleased to note that finance ministers have already expressed support for work on identification of beneficial owners of corporate vehicles.

New measures must ensure thorough disclosure of increasingly complex corporate structures so that investors can better assess risks and regulators can identify fraud and abuse.. A 2011 World Bank warned that out of 150 high-level corruption cases, 172 companies used 800 corporate vehicles involving more than US $50 billion.

The letter calls on the G20 to meet its commitments to financial reform by taking a firm hand in ensuring:

Each spring and autumn, the Boards of Governors of the World Bank Group and International Monetary Fund (IMF) hold their Annual Meetings to discuss a range of issues related to poverty reduction, international economic development and finance.



Transparency International is the civil society organisation leading the fight against corruption

For any press enquiries please contact

Chris Sanders
+49 30 3438 20 666
.(JavaScript must be enabled to view this email address)


Support Transparency International

Strengthening rule of law along the cocaine route

Transparency International has teamed up with the United Nations Office on Drugs and Crime (UNODC) and INTERPOL, to implement the CRIMJUST Project, funded by the European Union. The project aims to strengthen criminal investigation and criminal justice cooperation along the cocaine route in Latin America, the Caribbean and West Africa.

Political asylum for ex-presidents: an easy way to impunity?

This year we celebrate the 70th anniversary of the adoption of the Universal Declaration. Yet while we celebrate the universality of human rights, at times powerful individuals try to abuse the principles that underpin the international human rights framework. Two recent cases of two ex-presidents who have applied for political asylum to evade justice, and two countries who handled these requests in very different ways, highlight some of these abuses.

International Anti-Corruption Day 2018: The power of people’s pressure

Across the world, Transparency International chapters work hard to help the public become involved and engaged in the fight against corruption.

La Justicia española debe investigar el lavado de imagen de Azerbaiyán en Europa

Tres políticos españoles —Pedro Agramunt, Agustín Conde Bajén y Jordi Xuclá— se encuentran entre los delegados ante la Asamblea Parlamentaria del Consejo de Europa (APCE) sobre los que pesan sospechas de haberse beneficiado con la maniobra del “Laundromat”.

Clean up Spain – Justice for Azerbaijan’s reputation laundering in Europe

In Azerbaijan, critical voices are routinely suppressed. Meanwhile in Europe, politicians suspected of helping whitewash Azerbaijan’s record on human rights enjoy impunity. Join our campaign to urge authorities in Spain to investigate.

Everything you need to know about the 18th International Anti-Corruption Conference (#18IACC)

The #18IACC will take place from 22-24 October in Copenhagen, Denmark under the theme Together for Development, Peace and Security: Now is the Time to Act. Get the latest info and updates here!

Risky business: Europe’s golden visa programmes

Are EU Member States accepting too much risk in their investor migration schemes?

Why rather

Follow us on Why rather