Estimating the global volume of illicit financial flows stemming from tax evasion, laundering criminal proceeds, terrorist financing, financial fraud and corruption is an inexact science. The UN once estimated that 2%-5% of global GDP, or $800 billion - $2 trillion is laundered annually; in 2018, the IMF offered a range of $1.6-$4 trillion; in January 2024, Nasdaq gave an estimate of $3.1 trillion.

In several previous pieces for BriberyMatters, I have examined the links between beneficial ownership transparency (BOT) and anti-corruption, such as safeguarding government procurement, limiting business’ third-party risks, and protecting economies against the investment of ill-gotten gains. To continue this theme, I spoke with the Executive Director of the UK-based non-profit Open Ownership (OO), Thom Townsend. Our conversation was timely, coinciding with the August release

My conversation with Open Contracting Partnership (OCP) Executive Director Gavin Hayman and Head of Communications Georg Neumann continued with an exploration of two issues: 1) infrastructure procurement, particularly regarding Ukrainian reconstruction and China’s global role in the sector; and 2) developments in beneficial ownership transparency (BOT).