2017 OECD Anti-Corruption & Integrity Forum:
Global Standard for Payment Disclosure
Introduction To The Report:
The need for globally applicable transparency and anti-corruption legislation gained momentum after the global credit crisis of 2007/2008 that was tied to losses from opaque leveraged mortgage-backed securities, which were hidden in tax havens.
It wreaked havoc in the world economy, by threatening the collapse of the world’s largest financial institutions, and was cured by the bailout of banks by national governments.
The credit crisis played a significant role in the decline in consumer wealth, wide spread real estate foreclosures, evictions, bankruptcy of businesses, prolonged unemployment and a worldwide downturn in economic activity.
The ensuing large increases in government debt have produced several sovereign debt crises that lead to government agencies increasingly using public private partnerships (PPP) with multinational enterprises (MNE) from all industries to fund public procurement projects.
At the same time, the continuous and voluminous press leaks with the aid of whistle-blowers shed light on the numerous offshore accounts, offshore entities belonging to top-level politicians, signalling the influence of narrow interests on public decision making for their own profit.
These conditions necessitated national austerity measures with world regulators increasingly cooperating with one another to clamp down on corruption and tax evasion and were the driving force behind the global legislative initiatives to promote transparency and accountability.
This article provides an overview of the anti-corruption and transparency reporting requirements that have been adopted around the world since the credit crisis that are complimentary to the functioning of UNCAC.
This article also proposes to establish a streamlined global standard for payment disclosure to foreign governments, as a part of the Country-by-Country Report (BEPS 13) for MNE’s involved in all industries (CbCR-Payment).
To read or download the full report in PDF format – please click here.
