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The challenge of financial transparency

The challenge of financial transparency. A developing country perspective. Krishen Mehta. Why is recovery of funds so difficult? The principle of layering. How does layering affect information exchange?. L icit accounts subject to information exchange, but only a small amount

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The challenge of financial transparency

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  1. The challenge of financial transparency A developing country perspective Krishen Mehta

  2. Why is recovery of funds so difficult? The principle of layering

  3. How does layering affect information exchange? • Licit accounts subject to information exchange, but only a small amount •     Illicit accounts, real owner is unknown, and the majority of the funds are here

  4. Who protects these accounts? • Switzerland, Singapore, Dubai • Island nations like Cayman, Jersey, Isle of Man (UK) • Enclaves like Delaware, Wyoming, Florida (US)

  5. The cost benefit of "Swiss Banking”

  6. Who wins, who loses? Implications, long-term

  7. How beneficial are DTAA, TIEA and AEI to developing countries?

  8. Some Solutions to Consider A. Rein in the informal economy that feeds into the Hawala system

  9. B: Strengthen the beneficial ownership laws in each country, 'un layer' the layers

  10. C: Automatic withholding on anonymous accounts, will require cross-border agreements

  11. D: Domestic disclosure of overseas bank accounts and other assets

  12. E: Strengthening of Financial Intelligence Units (FIU) and AML policies and procedures

  13. F: Heavier penalties on banks, financial institutions, and individuals for transgressions

  14. 12 Conclusion the way forward...

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