The challenge of financial transparency Krishen Mehta A developing country perspective

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

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

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

The cost benefit of "Swiss Banking”

Who wins, who loses? Implications, long-term

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

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

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

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

D: Domestic disclosure of overseas bank accounts and other assets

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

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

12 Conclusion the way forward...