Transparency Int’l Critiques G20’s Unmet Promises on Ending Anonymous Companies

IMPORTANT: The full content of this page is available to premium users only.

Friday, May 4, 2018
Bruce Zagaris

On April 19, 2018, Transparency International issued a report titled, G20 Leaders or Laggards? Review G20 promises on ending anonymous companies.

The TI report discusses how the major cross-border “grand corruption” scandals have tarnished the Group of 20 (G20) countries in recent years.  It cites the fact that in 2017 Odebrecht the Brazilian engineering company was assessed a US$2.6 billion fine for bribery after being charged with paying US$788 million in bribes. In the “Russian Laundromat” scandal, exposed in 2017, a group of individuals in G20 member Russia allegedly established 21 shell companies, which then moved and laundered illegal proceeds out of the country, making more than 26,000 payments to 96 different countries including every G20 country aside from Brazil.  Increasingly, anonymous companies hide the identity of the person at the source of the funds either to launder and transfer stolen money, or to operationalize corrupt deals, using companies and offshore accounts to pay bribes or buy influence.