W20 Summit 2017 Berlin

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G20-Women Summit 2017 W20 in Berlin Germany.
W20 Communique Final

Diverse, Resilient and Viable –
Stabilising Economies and Societies Through Women’s Empowerment

The main goal of Women20 (W20) is to promote women’s economic empowerment as an integral part of the G20 process. In a broad dialogue using digital tools, expert meetings and roundtables as well as the W20 Summit, W20 joins the global experiences of women’s civil society organizations and women’s entrepreneur associations to implement strong recommendations within the G20 negotiations.

Diversity and full participation are essential for fostering the resilient, sustainable and viable growth of stable economies and societies, whereas homogeneous systems bear risks and uncertainties.  Women’s economic empowerment is thus fundamental for a prosperous world and essential for economic growth, stable economies and social development.

In 2017, W20 will focus on the following four pillars:

Labour Market Inclusion
Increasing the labour market participation rate and the value of work traditionally done by women

Financial Inclusion
Promoting female entrepreneurship and access to finance for women

Digital Inclusion
Closing the digital gender divide

Strengthening the W20
Gender Equality and Women’s Economic Empowerment at the core of G20

German Chancellor Angela Merkel, together with Queen Máxima of the Netherlands, UN Secretary General’s Special Advocate for Inclusive Finance for Development and Honorary chair of the G20 Global Partnership for Financial Inclusion; Canadian Minister of Foreign Affairs Chrystia Freeland; Director of the IWF Christine Lagarde; Vice Chairman of the Bank of America Anne Finucane; Kenyan high-tech founder Juliana Rotich; Chairwoman of the Trumpf GmbH Nicola Leibinger-Kammüller;  and First Daughter and Advisor to the President Ivanka Trump.

Women20 Germany 2017
WomenTwenty_Ger
 

Harm Bengen
www.w-t-w.org/en/harm-bengen
www.harmbengen.de

«Laundromat» Money Laundering Switzerland as a Hub

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An anonymous tip to Dutch authorities on thousands of suspicious accounts at Credit Suisse could hardly have come at a worse time for Switzerland and its banks.

Joshua Franklin reports: The information that triggered raids in five countries raises new doubts about the effectiveness of Switzerland’s efforts to shed its decades-old reputation as one of the world’s major tax havens.

“It’s a wake-up call not only for the banking community but also for authorities,” said Mark Pieth, an anti-corruption expert and criminal law professor at the University of Basel.

“Instead of really just being angry at others they should ask, have we really been zealous enough?”

Switzerland is among the countries that signed up to a global data-sharing program led by the Organisation for Economic Cooperation and Development, known as the Automatic Exchange of Information, which was designed to root out tax dodgers.

Swiss banks, having paid more than $5 billion to settle allegations of helping wealthy Americans evade taxes, have trumpeted their reformed ways, publicly encouraging clients to sign up to government programs allowing them to declare untaxed assets.

But last week’s raids of Credit Suisse’s offices in London, Paris and Amsterdam as part of a coordinated investigation in five countries show Switzerland still has a way to go to break with its past.

It is a wake-up call for financial markets as well.
“People really thought that, with the upcoming Automatic Exchange of Information and the cleanup of the European client portfolio completed, this stuff shouldn’t be an issue anymore,” Andreas Venditti, banking analyst at Vontobel, said. “Now the market seems to be confused about what to think.”

Another sign that Switzerland has to work harder to improve its reputation was the apparently deliberate efforts by Eurojust, the European Union judicial agency which helped coordinate last week’s raids, to keep Swiss prosecutors out of the loop on enforcement actions.

Switzerland’s Office of the Attorney General on Friday demanded a written explanation for the snub.

In the new investigation, raids began on Thursday in the Netherlands, Britain, Germany, France and Australia, with visits also made at three of Credit Suisse’s offices. This followed a tip-off to Dutch prosecutors about 55,000 “suspect accounts”.

One of the big questions is how many of the accounts represent existing client relationships at Credit Suisse, Switzerland’s second-biggest bank, and how many are legacy accounts from when Swiss banking secrecy shielded customers’ money from tax authorities.

Iqbal Khan, the head of Credit Suisse’s International Wealth Management division, said in an interview he did not know where the 55,000 figure referred to by the Dutch office for financial crimes prosecution had come from as the bank had fewer accounts than that for all of Europe.
OCCRP
Credit Suisse Taxevasion
Laundromat/ Schweiz als Drehscheibe

OCCRP

OECD Economic Surveys: China 2017

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OECD Economic Surveys: China 2017The latest OECD Economic Survey of China projects that the Chinese economy will remain the major driver of global growth for the foreseeable future, with per capita GDP on course to almost double by 2020 from 2010 levels. The Survey recommends continued efforts to rebalance the economy from investment to consumption and to address key risks including high corporate debt, excess industrial capacity and inflated housing prices.

“After decades of breath-taking expansion, the focus should be on making growth more resilient, sustainable and inclusive, and addressing risks to stability,” said OECD Secretary-General Angel Gurría. “China’s economy should now be driven less by physical investment and more by innovation, it should deleverage and it should, above all, become greener.”

Financial risks are mounting on the back of rising enterprise debt and over-capacity in some sectors, as well as real estate price exuberance. Debt owed by non-financial firms in China, encouraged by implicit state guarantees to state-owned enterprises (SOEs) and public entities, reached 170% of GDP in 2016, the highest level among leading economies. Two-thirds of enterprise debt is owed by SOEs. Steps to tackle financial risks should include gradually removing implicit guarantees to SOEs and restricting leveraged investment in asset markets.