September 17, 2009
Monique Perry Danziger, +1 202 293 0740 ext. 222
Global Financial Integrity
Monique Perry Danziger, +1 202 293 0740 ext. 222
WASHINGTON, DC – Day two of the Task Force on Financial Integrity and Economic Development’s 2009 Conference “Increasing Transparency in Global Finance: A Development Imperative,” began this morning with a panel on beneficial ownership.
Speaking from District Attorney Robert Morgenthau’s office, Matthew Rosen talked about how U.S. incorporation standards lag behind many other countries in the world and that there is “overwhelming support” from U.S. law enforcement to update existing laws to include beneficial ownership disclosure.
Anthea Lawson from Global Witness presented on the international aspect of how lack of beneficial ownership facilitates corruption in developing countries.
Chip Poncy, Director of the Office of Terrorist Financing and Financial Crimes at the U.S. Department of the Treasury rounded out the presentations with remarks on how without beneficial ownership knowledge it is impossible for a financial institution to successfully conduct “know your customer” best practices, creating what Mr. Poncy described as a “systemic vulnerability.”
Check back for copies of speakers presentations, video.