From the article:
Financial transparency, an elusive goal for advanced economies, could be a game-changer for developing ones, a new paper argues.
Alex Cobham of the Center for Global Development, a Washington think tank, advocates for three targets he says would boost the developing world.
He’s submitting them as part of the broader debate on how to push for new, smarter development goals after the United Nations “Millennium Development Goals” come up for renewal in 2015.
Cobham says the U.N., through its post-2015 agenda, should push for an overhaul that would raise eyebrows in the developed world, where pockets of financial secrecy help move fortunes around the world while evading taxation.
He wants developing countries to:
1. Eradicate companies, trusts and funds where the true beneficiary owner is unknown.
2. Stop any cross-border trade between countries that don’t automatically exchange tax information.
3. Cut to zero the number of multinationals that don’t report their financial activities on a country-by-country basis.
Read the article here
