People in positions of power — often called Politically-Exposed Persons (PEPs) — may abuse their entrusted role for their own personal gain, feeding grand corruption. Banks provide one of the stopping places for these ill-gotten monies. Until now, financial institutions and their regulatory authorities have failed to prevent them from being a safe place for the corrupt. Now is the time to close this loophole.
Topic:
Corruption, Crime, International Trade and Finance, and Reform
Most international standards and law enforcement agencies focus their efforts on fighting money laundering by banks and financial institutions. However, several non-financial sectors, such as real estate and luxury goods, are extremely vulnerable to illicit financial flows. Now is the time to clean up the sector and close this loophole for the corrupt.
Topic:
Corruption, Crime, International Trade and Finance, and Reform
For some people national borders constitute an insurmountable barrier. For others, they represent a comfortable way to hide ill-gotten wealth and to escape accountability for their actions. Now is the time to close the legal loopholes that allow corrupt individuals to elude justice for themselves and their money.