This 25-page report, Overcoming the Shadow Economy, argues that, as economic leaders, the U.S. and the European Union have an obligation to force financial centers to comply with global transparency standards. The U.S. and EU have shown they have the tools to stem the flow of dirty money in the fight against terrorism, but have failed to use these same anti-money-laundering tools as forcefully in the fight against financial corruption and tax dodging, the report says. This new report is an outgrowth of the pair’s initial work on a study committee appointed by the Panamanian government in response to a series of news stories by ICIJ and more than 100 media partners.
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