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Version 11 Version 12
Cayman and Jersey agree to share list of true company ownership in 'tax havens'– live Cayman and Jersey agree to share list of true company ownership in 'tax havens'– live
(35 minutes later)
3.58pm BST
15:58
Cameron is asked about the need to push overseas territories and crown dependencies to do more to be open and transparent over the registers of beneficial ownership.
He says the territories have come a long way in agreeing to the automatic sharing of information, and says that goes further than what the United States and some European countries have agreed.
If you think how far they have come in the last few weeks and months, I am convinced we will get them all over that bar [of automatic sharing of registers, which British Virgin Islands has not signed up to do].
The gold standard which I will push for as long as I have breath in my body, is public registers.
That is not just for small islands, it is the United States, China, India that I want to sign up as well.
Cameron admits there are challenges with the US, that the state of Delaware also has a lack of transparency. “We just have to work with all these countries to convince them to raise the bar,” he said.
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Cameron hails 'coalition of the committed'
David Cameron has hailed a “coalition of the committed” for what he described as the biggest demonstration of political will to tackle corruption.
#Cameron closing #AntiCorruptionSummit: If we want to tackle poverty + beat extremism, we have to tackle #corruption pic.twitter.com/ZEJgK8wMDk
He says there is “nothing so powerful as an idea whose time has come’ and that there are now 129 jurisdictions who have committed to implementing international standards to give tax information on request. He says those new standards have led to £50bn in extra tax revenue, “think of the roads, schools and services provided with that money”.
Today’s summit is not just about securing the agreements, it’s been an different kind of events, not having speeches and talking to ourselves, having open challenging conversations asking tough questions.
Cameron said there is a need for every country to reach a gold standard of a register of beneficial ownership made public, and he says that he includes crown dependencies and overseas territories in that.
This cannot be a fashion, we have to stay the course for the next 10 years as beyond.
We are talking about stopping the corrupt hiding their loot from authorities. When people steal from your country and hide it in mine, we can find it and return it to you.
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President Santos is closing the session now. He says the “sisters and brothers of corruption are terrorism, drug trafficking, illegal mining”, which are all part of the same chain. He says heroin from Afghanistan and cocaine from Colombia can be connected to one drug dealer in the UK, and that’s why intentional approach is necessary.
He says the Panama papers show how corruption is “scared of the spotlight” and urges new protection for whistleblowers who he says are under great danger in many countries. Prosecution is also key, he says, because people have to know the process works.
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Spanish Justice Minister Rafael Catala says that tackling corruption must go beyond laws and regulation, and become part of the culture. It is not enough to have laws and values, we need resources to change cultures, he said.Spanish Justice Minister Rafael Catala says that tackling corruption must go beyond laws and regulation, and become part of the culture. It is not enough to have laws and values, we need resources to change cultures, he said.
He says organised crime intensively uses technology, anyone defending the rights of citizens also need access to those tools. Society as a whole needs to foster transparency as a value, he says, as do private companies.He says organised crime intensively uses technology, anyone defending the rights of citizens also need access to those tools. Society as a whole needs to foster transparency as a value, he says, as do private companies.
Corruption is not something belongs to any country, it is an international scourge and the fight has to be based on international co-operation.Corruption is not something belongs to any country, it is an international scourge and the fight has to be based on international co-operation.
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Baroness Scotland, secretary-general of the Commonwealth announces she will create an office of criminal and civil justice reform.Baroness Scotland, secretary-general of the Commonwealth announces she will create an office of criminal and civil justice reform.
I intend to be a magpie for every single good idea to put in to a toolkit for implementation and change.I intend to be a magpie for every single good idea to put in to a toolkit for implementation and change.
She also says she intends to create a Commonwealth standard of anti-corruption best practice, so companies can apply for a mark.She also says she intends to create a Commonwealth standard of anti-corruption best practice, so companies can apply for a mark.
.@PScotlandCSG sets out #Commonwealth priorities in tackling corruption at today's #anticorruption summit. WATCH https://t.co/Xf1i2oIejm.@PScotlandCSG sets out #Commonwealth priorities in tackling corruption at today's #anticorruption summit. WATCH https://t.co/Xf1i2oIejm
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Perhaps another pointed comment at Cameron here from Maltese prime minister Joseph Muscat. He says we should not speak about “corrupt countries” but of individuals.Perhaps another pointed comment at Cameron here from Maltese prime minister Joseph Muscat. He says we should not speak about “corrupt countries” but of individuals.
.@JosephMuscat_JM: We shouldn't speak of corrupt countries but of corrupt individuals & i don't know 1 place that is immune #AntiCorruption.@JosephMuscat_JM: We shouldn't speak of corrupt countries but of corrupt individuals & i don't know 1 place that is immune #AntiCorruption
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'We inherited 'fantastically corrupt' system' says Afghan official'We inherited 'fantastically corrupt' system' says Afghan official
An Afghan official, tasked with tackling government corruption, is the first to make a jib at Cameron for his gaffe when speaking to the Queen.An Afghan official, tasked with tackling government corruption, is the first to make a jib at Cameron for his gaffe when speaking to the Queen.
We inherited, and I quote, a ‘fantastically corrupt’ system.We inherited, and I quote, a ‘fantastically corrupt’ system.
He says that in his country for the past decade “there has been enthusiastic international community partnerships willing to pour in billions into a country without thinking about the safeguards that were needed in order to ensure that money would be spent transparently and effectively.”He says that in his country for the past decade “there has been enthusiastic international community partnerships willing to pour in billions into a country without thinking about the safeguards that were needed in order to ensure that money would be spent transparently and effectively.”
He says the country is now saving $200m dollars a year from anti-corruption efforts which “otherwise would have gone into the pockets of mafia and corrupt companies”.He says the country is now saving $200m dollars a year from anti-corruption efforts which “otherwise would have gone into the pockets of mafia and corrupt companies”.
Without political will, there is no way we can fight corruption. No impunity for officials or companies, is a must.Without political will, there is no way we can fight corruption. No impunity for officials or companies, is a must.
He says Afghanistan is blacklisting on average one company a week, with the list published online and updated every week, and he invites the UK to publish a blacklist of corrupt companies as well.He says Afghanistan is blacklisting on average one company a week, with the list published online and updated every week, and he invites the UK to publish a blacklist of corrupt companies as well.
Afghanistan calls for countries to make their data on blacklisted companies public #anticorruption pic.twitter.com/YEZUPh4Yn0Afghanistan calls for countries to make their data on blacklisted companies public #anticorruption pic.twitter.com/YEZUPh4Yn0
(I’ll try to update the posting with his full name and title but I missed it in the introduction.)(I’ll try to update the posting with his full name and title but I missed it in the introduction.)
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Barry Johnston, head of advocacy at ActionAid, said the summit will be remembered for what it will not achieve.Barry Johnston, head of advocacy at ActionAid, said the summit will be remembered for what it will not achieve.
It’s good news that Nigeria, South Africa, France, Afghanistan and the Netherlands have used the summit to take action to publicly reveal the owners of secretive shell companies. David Cameron still hasn’t managed to get British overseas tax havens to meet the same standards.It’s good news that Nigeria, South Africa, France, Afghanistan and the Netherlands have used the summit to take action to publicly reveal the owners of secretive shell companies. David Cameron still hasn’t managed to get British overseas tax havens to meet the same standards.
3 organisations, 1 message - "#DavidCameron must act to end the era of #taxhavens at today's #AntiCorruptionSummit." pic.twitter.com/V4R7iBxxIg3 organisations, 1 message - "#DavidCameron must act to end the era of #taxhavens at today's #AntiCorruptionSummit." pic.twitter.com/V4R7iBxxIg
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Oxfam GB’s chief executive, Mark Goldring, adds his voice to concerns that the communique from the anti-corruption summit does not go far enough.Oxfam GB’s chief executive, Mark Goldring, adds his voice to concerns that the communique from the anti-corruption summit does not go far enough.
If corruption is a cancer then this summit has delivered some pain relief but not the major surgery needed to heal the global economy.If corruption is a cancer then this summit has delivered some pain relief but not the major surgery needed to heal the global economy.
Until tax havens are required to publish public registers showing who really profits from shell companies, the corruption and tax dodging revealed by the Panama Papers will continue undisturbed and millions of people in both the UK and the world’s poorest countries will pay the price.Until tax havens are required to publish public registers showing who really profits from shell companies, the corruption and tax dodging revealed by the Panama Papers will continue undisturbed and millions of people in both the UK and the world’s poorest countries will pay the price.
Sadly, tax dodgers can still sleep easily tonight as #AntiCorruptionSummit fails to deliver https://t.co/XaVX8ficW3 pic.twitter.com/J2VWAiY904Sadly, tax dodgers can still sleep easily tonight as #AntiCorruptionSummit fails to deliver https://t.co/XaVX8ficW3 pic.twitter.com/J2VWAiY904
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Laura Stefan, the Romanian anti-corruption campaigner, says a culture change is not easy in places where corruption is forced by economic circumstances.Laura Stefan, the Romanian anti-corruption campaigner, says a culture change is not easy in places where corruption is forced by economic circumstances.
“We tend to think that anti-corruption is something everybody wants. The establishment, in many of the countries where this is a real problem, does not want it,” she said. “Because they risk losing their assets.”“We tend to think that anti-corruption is something everybody wants. The establishment, in many of the countries where this is a real problem, does not want it,” she said. “Because they risk losing their assets.”
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Businessman Strive Masiyiwa is telling a story of when he was approached about buying a stake in a telecommunications company by the former Nigerian state governor James Ibori, and the structure of payment which showed how the transactions were going to take place offshore.
He details how the transaction was being facilitated by British lawyers and advisors, before he pulled out citing his concerns over the details of the deal.
Ibori was eventually sentenced to 13 years - you can read the full story here.
#anticorruption Strive Masiyiwa - it's about impunity yes but in the Ibori case it was about State Prosecution too
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Sri Lanka’s President Sirisena says corruption is being driven out of his country by democracy, with people voting to remove the previously corrupt administration.
“We consider it our prime duty to root out corruption,” he says.
He mentions the 19th amendment of the constitution where he handed over most of the president’s executive powers to the parliament. He says that was to show his firm commitment to transparency and the determination to root out corruption.
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Colombia’s President Santos is opening the session now on driving out corruption, and he is particularly linking it to armed violence, human rights abuses and civil disruption.
En Londres buscamos soluciones con @David_Cameron, @JohnKerry y otros líderes mundiales para acabar la corrupción pic.twitter.com/Ac2L9aBztQ
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Six countries sign up to publish names of who really owns companies
The full communique has been published from the summit.
Corruption is at the heart of so many of the world’s problems. It erodes public trust in government, undermines the rule of law, and may give rise to political and economic grievances that may, in conjunction with other factors, fuel violent extremism.
Tackling corruption is vital for sustaining economic stability and growth, maintaining security of societies, protecting human rights, reducing poverty, protecting the environment for future generations and addressing serious and organised crime.
However, firm commitments to tackling corruption are wildly varied depending on the country. British territories including the Cayman Islands and Jersey have agreed to draw up lists of who owns companies registered there, but the information will not be public, just shared among a group of 29 nations when requested by governments.
#anticorruption summit communique is out. Cayman, Jersey and Bermuda will join auto exchange of BO info. Small step pic.twitter.com/Lfk046MuRA
The communique also includes:
José Ugaz, chair of Transparency International points out that the US is not among those nations sharing information on beneficial ownership.
We called on countries to be ambitious and concrete in their proposals to prevent and punish corruption and protect those who stand up against it. Some countries have risen to the challenge and others have not.
Robert Palmer of anti-corruption group Global Witness said the results of the meeting were mixed, but positive.
The tide is definitely moving toward transparency, and the tax havens and the US are being left behind.
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The session which will start at 2.10pm is chaired by Colombian president Juan Manuel Santos, looking at ‘How do we drive out corruption.’ It’s the last session of the day before Cameron will close the summit.
On the panel is:
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13:37
It’s lunchtime, and I’m taking a short break until the summit restarts at 2pm, but meanwhile here’s a video from the Guardian team, looking at the top 10 most secretive tax havens.
1.36pm BST
13:36
Oxfam protests with off-shore island in Trafalgar Square
Luke Harding
Around 50 activists in bowler hats and suits were enjoying the sunshine this morning at Oxfam’s “offshore island” in Trafalgar Square.
Oxfam had raided its props cupboard: there were palm trees, deck chairs, and a stall selling “Swindle Sundaes”, as well as coconuts and a giant plastic lobster. It had also printed fake £100 notes stamped with the words: “The Tax Dodging Bill”.
Two Oxfam staff - Paul Langley and John McLaverty - were enjoying a “Cayman Breezer” at a pop-up cocktail bar. “We’re operating out of a PO Box. Good luck trying to find out who we are!” Langley joked.
He added ironically: “I hope that the UK government talks tough but doesn’t do anything. We’d hate to have our money put to use for education and health.”
The activists - from Oxfam, ActionAid and Christian Aid - played with an inflatable beach ball between the square’s sparkling fountains. Others batted around a shuttlecock. Several bemused tourists looked on.
Ojobo Atuluku, country director for ActionAid Nigeria, said David Cameron was right to recognise there was something wrong in Nigeria. She said: “He has a big responsibility in making it right.”
She welcomed the government’s plan to unmask the offshore owners of UK properties but noted: “This is the tip of the iceberg. Most of the money isn’t spent on property but hidden in tax havens. What needs to happen is openness and transparency about shell companies and the owners behind them.
“We believe David Cameron has the power to make this happen. It’s a matter of whether he wants to be an instrument to stop this fantastic corruption. Poor people in Nigeria are looking to global leaders like him to make the right choice.”
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We can trade with countries and still raise issues of corruption, says PM
David Cameron is asked about his upcoming conference with the prime minister of Malaysia and allegation of corruption within that country. The PM says Britain will always raise those issues when it trades around the world.
If the reaction is only to say, the only way of dealing with corrupt governments is not to provide any aid, any security and any trade with that country, frankly we’re not going to get very far.
The aim to raise standards all over the world and realise no government is exempt. Trading with a country doesn’t mean you can’t raise issue of concern, in Britain we certainly do.
Summing up at the end of the session, he says it is clear that a lot of countries still don’t have laws making foreign bribery illegal, calling that a “baseline point we need to get over”.
He says it is also vital that prosecuting authorities need to be faster, because of the speed of money transfer in the digital age.
No country can be left behind from the drive, he says, because if “we leave behind territories with poor practices, that is where bad behaviour will go.”
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13:28
You rarely see this, but Nigel Green, founder and CEO of deVere group, has mounted a defence of tax havens in a statement sent to journalists. It’s unlikely to win him many friends here at the summit. Green says tax havens are vital to the world economy, and attempts to make the case that tax havens can be moral.
Offshore financial hubs help facilitate optimum allocation of capital, they promote a culture of investment and saving, and due to their competitive tax regimes, it can be reasonably argued that they help promote lower tax policies in other parts of the world.
It’s not just helping people save money on tax, he says, tax havens protect the wealthy when their countries are in political unrest. He calls this the “moral aspect” to tax havens.
Economic and financial plusses are only part of the story as to why tax havens should be defended. There is a moral aspect too.
They offer financial refuge for those who live in nations where there is economic instability, leading to, for example, major currency volatility and out of control inflation; and/or where there is political unrest and persecution from government and the ruling classes.
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Huang Shuxian, deputy secretary of China’s Central Commission for Discipline Inspection, the Communist party’s top anti-corruption body, says the country will sign up to the summit’s communique, which promises a transparent register of beneficial owners.
He says China wants to speed up criminal matters, extradition treaties and other methods of joint enforcement.
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