Prime minister Narendra Modi's plans to raise the issue of black money at the G-20 Summit in the Australian city of Brisbane later this week has got support from an international watchdog against corruption, the Transparency International (TI). The Transparency International movement and its partners have sent an open letter to the leaders of G-20, which accounts for 85% of the world's economic output, to put anti-corruption and money laundering at the top of the G20 agenda.
Ahead of the summit, prime minister Modi on Monday said a key issue for him at the G-20 Summit would be to highlight the importance of international cooperation against black money. Before leaving for Myanmar, Australia and Fiji on Tuesday, Modi in his departure statement said he would be meeting 40 world leaders representing Asia, Africa, Europe, North America, South America and Pacific Region, as also heads of many multilateral institutions.
Modi's war against black money was endorsed on Monday by two Nobel Peace Prize winners, Transparency International managing director Cobus de Swardt and a group including the heads of Global Witness calling for concrete steps to stop the flow of billions of dollars of shady money which are siphoned off each year instead of being used to alleviate poverty and better the lives of millions.
"As long as there are places in the global financial system where illicit financial flows can find a safe harbour and there are people to help hide these funds there will be millions more around the world who suffer. You, the leaders of the world's largest economies must make the global financial system serve its citizens," says the open letter.
At least one trillion dollars is siphoned from developing countries each year. The UN estimates that global detection rates of illicit funds by law enforcement are as low as one per cent. Anonymous companies, secrecy jurisdictions and opaque corporate ownership structures represent the primary methods used by those who are corrupt or evading tax to shift their funds and mask their identity. The letter has asked G20 governments to collect and publish the identity of the real, living people who ultimately own and control companies and other legal entities to make it easier to track the origin of corrupt or illicit funds.
Criticising the confidentially clauses as enshrined in the double tax evasion agreements, the letter states that opacity in the global financial system was serving a smokescreen to hide crime and corruption. "Lest we forget: the primary victims of organized crime, corruption, and tax evasion or avoidance are the poorest citizens of the world. Put people at the heart of your decisions in Brisbane next week," the letter concludes.
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