As long-time campaigners on transparency in the financial system, The ONE Campaign today calls on legislators to close loopholes in the EU’s Anti Money Laundering Directive (AMLD) and make public who owns and controls companies and trusts, to help stop the siphoning of billions out of the world’s poorest countries.

The demand for legislation follows in the wake of the latest investigation by the International Consortium of Investigative Journalists, which reveals how the opacity of shell companies and trusts undermines the futures of millions of people living in poverty, including in the EU and related territories.

Dr David McNair, Executive Director of Global Policy for ONE, said: “ONE estimates that developing countries lose a trillion dollars each year to corruption, bribery and money laundering – if just some of this money could be taxed and invested in health, education and job creation it could make a real difference. Europe can help stop this scandal now by requiring the full public disclosure of company and trust ownership when it finalises revisions to its Anti Money Laundering Directive. The European Parliament has backed such measures on two separate occasions but Member States have blocked progress. They must not let this opportunity pass them by.”

ENDS

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 About ONE

ONE is a campaigning and advocacy organisation of more than 8 million people taking action to end extreme poverty and preventable disease, particularly in Africa. Not politically partisan, we raise public awareness and press political leaders to combat AIDS and preventable diseases, increase investments in agriculture and nutrition, and demand greater transparency in poverty-fighting programmes. Read more at www.one.org.