beneficial ownership Archives - Page 3 of 5

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IFF tracker identifies SA’s main vulnerability as outward foreign investment

15 Jun 2021, 8:35

Image: Michael Kuhlmann for UNCTAD Over one trillion dollars. That’s the amount of money that Africa is estimated to have lost in illicit financial flows (IFFs) over the past 50 years (Kar and Cartwright-Smith, 2010; Africa Growth Initiative, 2020). The current estimate is an annual amount of around $50-billion, and possibly more – a significant Read more >

CORRUPTION NEWS

TI calls for stakeholder action in beneficial ownership appeal

04 Jan 2021, 9:44

South Africa, despite commitments made several years ago, has to date failed to establish a public register of beneficial owners – the person or people who ultimately benefit from a company’s operations. This laxity allows government officials to continue doing business with the state, despite a prohibition of such, and shell companies to continue to Read more >

CORRUPTION NEWS

Dismantle the secrecy surrounding legal vehicles and their assets

19 Oct 2020, 10:14

Beneficial ownership is back in the news at the moment. Opacity in knowledge of the real person behind a company, trust, or corporation, and who will ultimately benefit from its activities – the beneficial owner – is crucial to combating money laundering, tax abuse, and corruption. Illicit financial flows (IFFs) cost money, resources, and Read more >

CORRUPTION NEWS

SA falling behind in action against foreign bribery

13 Oct 2020, 6:56

In 2018 Transparency International released a further edition of its Exporting Corruption survey, a progress report which rates countries based on their enforcement against foreign bribery under the OECD Anti-Bribery Convention. The OECD convention requires signatory countries to criminalise bribery of foreign public officials and introduce related measures. That report highlighted South Africa’s failure to Read more >

PRESS RELEASES

Limited progress in SA’s enforcement of int’l anti-bribery legislation

13 Oct 2020, 6:32

There has been limited if any progress in South Africa’s attempts to curb foreign bribery over the past two years. This suggests that it remains relatively easy for South African companies to engage in corruption when conducting business outside the country’s borders, notes Corruption Watch. According to Exporting Corruption 2020: Assessing Enforcement of the OECD Read more >

CORRUPTION NEWS

Beneficial ownership disclosure will expose procurement crooks

14 Sep 2020, 12:08

By Cherese ThakurFirst published on amaBhungane Corruption costs lives. This simple truth has been grimly illustrated over the past months of national disaster, where front-line workers have had to brave conditions with insufficient or poor quality personal protective equipment (PPE). Many of these workers have contracted the virus, and some have died. In monetary terms, Read more >

OPINIONS

Africa can clamp down on illicit flows by using AUCPCC effectively

10 Jul 2020, 17:25

By Sabeehah Motala Illicit financial flows (IFFs) are costing Africa $30-billion to $40-billion per year and have eroded African countries’ tax bases, hampering their abilities to respond effectively to Covid-19 emergency needs. Lockdown, states of emergency, and all the accompanying implications mean that developing states are more vulnerable than ever to the possibility of illicit Read more >

CORRUPTION NEWS

G20 must implement its anti-corruption promises

03 Dec 2018, 9:02

The role of civil society in democracy and good governance is becoming increasingly important. Acting as the voice of the people, civil society holds governments to account for enforcing the rule of law, complying with legislation and policy, and implementing promises made. When the Group of Twenty (G20), of which South Africa is a member, Read more >

GOVERNANCE

SA making progress on beneficial ownership, but CSOs left out

03 Sep 2018, 9:44

South Africa launched its latest Open Government Partnership (OGP) action plan, covering the period 1 July 2016 – 30 June 2018, on 6 May 2016. This was the country’s third national action plan since joining the OGP programme, which provides a platform for governments and civil society to work together to develop and implement ambitious Read more >