15IACC

Preventing public officials from enjoying the Proceeds of Corruption: What more should the financial sector be doing?

10 November 09:00 – 11:00

Session Description

The Problem: Current regulatory frameworks and compliance mechanisms have been unsuccessful in stopping the flow of corruption proceeds through the banking system. Corrupt officials and individuals continue to enjoy the proceeds of their misconduct with impunity, at the expense of ordinary citizens. As seen by numerous cases over the last decades, corrupt leaders, officials and their associates can too easily stash money in banks – often in developed countries – and then use these funds to bask in lives of extraordinary and conspicuous luxury.

Working questions: Where are the gaps in current standards and systems that allow the corrupt to easily stash, transfer, and access their illicit funds? What more should and could banks, regulators and international organizations be doing? How can international agreements and standards (G20, OECD, EU, etc) be strengthened?

Representatives of Civil Society organizations, financial institutions and financial regulators will set the scene by providing their perspectives on the problem and working questions, before opening the floor to debate seeking to identify a specific, targeted set of recommendations for key stakeholders.

Session coordinator’s name: Karen Egger/Max Heywood

Session /Moderator
Karen Egger (tbc)
Manager, Private Sector Programme
Transparency International

Expert
Stefanie Ostfeld (tbc)
Global Witness
Topic: Proceeds of corruption: the civil society perspective

Rapporteur
Max Heywood
Transparency International

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