Thursday, March 25, 2010
Sign The Petition..Join The Fight Against Corruption.
G20 Transparency Petition
Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services…
--Article 25 of the Universal Declaration of Human Rights
Research shows that developing countries are losing $1 trillion every year due to crime, government corruption, and tax evasion. These illicit monetary outflows are roughly ten times the amount of aid money going into developing countries for poverty alleviation and economic development.
The loss of money from poor economies that would otherwise go to provide health services, infrastructure, and other critical needs exacerbates poverty and leads to the deaths of millions of people. The annual loss of hundreds of billions of dollars from the world’s poorest and most vulnerable economies constitutes one of the most pressing human rights issues of the new decade.
The key to tackling this problem is transparency in the global financial system. After these stolen or otherwise ill-gotten gains exit their country of origin they vanish into an opaque financial system comprised of tax havens and secrecy jurisdictions. The most effective deterrent to criminals, corrupt officials, and tax evaders is to create a global financial system where illicit money cannot hide.
When the world’s 20 largest economies – the G20 – meet in Toronto on June 26-27, 2010 they will have an unprecedented opportunity to institute changes to create a transparent global financial system that is open, accountable, fair and beneficial for all.
Toward that end, we call on the G20 leaders to:
• Recognize the link between illicit outflows of capital from developing countries, absorption of those resources by tax havens and secrecy jurisdictions, and the adverse impact those flows have on poverty alleviation and economic development.
• Call on the Financial Action Task Force to amend its recommendations 33, 34, and VIII to provide that the beneficial ownership of all companies, trusts, foundations and charities be made a matter of public record.
• Instruct the International Accounting Standards Board to recommend that all multinational corporations report their income and taxes paid on a country by country basis.”
We the undersigned call upon the leadership of the G20 nations to take action on the problem of illicit capital loss in developing countries and increase transparency and accountability in the global financial system.
-Your Name Here