THE Financial Transparency Coalition has said that the ICIJ’s unprecedented exposure of a corrupt financial system built on secrecy should be taken into account as you work to establish mechanisms for greater financial transparency.

The release of massive amounts of new information about hidden off-shore wealth by the International Consortium of Investigative Journalists (ICIJ), confirms beyond reasonable doubt that the world’s financial system legitimises industrial-scale tax avoidance, aids criminals and drug cartels and facilitates corruption up to the highest levels of our society.

Porter McConnell, Manager of the Financial Transparency Coalition (FTC) said: "The sheer scale of material the ICIJ has now placed into the public domain exposes how the financial system is being made to work against the interests of ordinary citizens throughout the world. This holds true in both the developing and rich world."

"As world leaders gather for the G8, the ICIJ information is further proof that way too many banks, law firms and accountants conspire to rob countries of trillions of dollars of much needed revenue. This is neither sustainable nor tolerable and must be fixed for the well-being not only of the international financial system, but for national and local governments," it added.