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Published byChristopher Grant Modified over 9 years ago
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The challenge of financial transparency Krishen Mehta A developing country perspective
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Why is recovery of funds so difficult? The principle of layering
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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
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Who protects these accounts? Switzerland, Singapore, Dubai Island nations like Cayman, Jersey, Isle of Man (UK) Enclaves like Delaware, Wyoming, Florida (US)
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The cost benefit of "Swiss Banking”
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Who wins, who loses? Implications, long-term
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How beneficial are DTAA, TIEA and AEI to developing countries?
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Some Solutions to Consider A. Rein in the informal economy that feeds into the Hawala system
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B: Strengthen the beneficial ownership laws in each country, 'un layer' the layers
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C: Automatic withholding on anonymous accounts, will require cross-border agreements
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D: Domestic disclosure of overseas bank accounts and other assets
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E: Strengthening of Financial Intelligence Units (FIU) and AML policies and procedures
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F: Heavier penalties on banks, financial institutions, and individuals for transgressions
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12 Conclusion the way forward...
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