“The devil is in the detail” – Round Table on Financial Market Regulation
On the 16th May 2018, a round table event was organized by Transparency International Germany and Transparency International EU. It was titled “Germany’s global role in the financial transparency field – Will the new German government show leadership in tackling financial secrecy?”
Guests with profound expertise in the field of tax transparency and financial markets regulation joined the vivid panel discussion. As Bernd Hüttemann, General Secretary of the European Movement German, uttered in his welcoming remarks: “Transparency only exists when there are standards. Transparency International sets these!”
Gabriele C. Klug, Vice-President of Transparency International Germany, welcomed the strategic collaboration of NGOs at the European level and in mentioned some important issues: despite the numerous tax-related scandals and revelations after Paradise Papers and Panama Papers, little has changed in the world of off-shore financial secrecy. On the contrary, the offshore sector continues to be extensively used, in particular by large multinational companies that shift profits and minimize their taxes. After these scandals, many European Member States and governments publicly announced their commitment to tackle financial secrecy, yet the response from policymakers has been underwhelming, causing the need for more transparency to arouse.
Read the entire report in German here.