PWYP is a coalition of more than 300 charities non-governmental organisations and lobby groups from

PWYP is a coalition of more than 300 charities, non-governmental organisations and lobby groups from more than 50 countries.
It wants multinationals to have to disclose the amount of tax they pay in individual countries. PWYP – which includes the Save the Children charity, development agency Cafod and Global Witness, the human rights group – argues that corruption and tax evasion by multinationals, and the government officials they deal with, would become far more difficult as a result.PWYP has lobbied the London-based International Accounting Standards Board over the matter. The influential IASB – which is backed by many of the world’s big accountancy firms, banks and institutions – sets accounting standards and is currently holding a series of meetings about revising company reports. But PWYP says its initial approach to the IASB was ignored, and accuses the body of failing to meet its duty to consult.PWYP co-ordinator Henry Parham has written to the IASB’s chairman, Sir David Tweedie, informing him of the coalition’s anger over the lack of consultation.Mr Parham said that PWYP had offered to meet with project managers to explain and discuss their concerns. “These have been declined despite the IASB’s handbook stating that it undertakes consultations with a wide range of interested parties,” added Mr Parham.

“We also offered to facilitate the public hearings and field visits outlined in the handbook. It appears the IASB is not acting in accordance with due process, and the accountability ostensibly sought by the board is being undermined.”Since the group’s first approach, the IASB has agreed to discuss the proposals at a meeting later this week. Sir David has also written to PWYP to assure it that the board “will be giving full and proper consideration to your proposals for country-by country disclosure of certain items”.But PWYP remains sceptical. It wants a country-by-country approach to financial reporting but the IASB has outlined a “management approach”, normally based on segments rather than countries, to the numbers.Accountant Richard Murphy, who wrote PWYP’s submission to the board, said: “We think it is strange that the IASB is only going to discuss our submission after it has already made its policy decision about what it’s going to do, and without seeking to engage with us in any way.

Why is that? We know they meet other groups.”He added: “The IASB say they recognise stakeholder concerns, but here we have a lot of stakeholders saying we need a particular type of information and we’re being ignored. What does it say about their accountability?”Liz Hickey, director of technical activities for the IASB, confirmed the group’s proposals would be considered this week. “We need to discuss the proposal before we can characterise what action to take,” she added. “We took the decision in July to proceed with management account reporting, but that does not preclude that additional information can be required to be disclosed.”PWYP believes its plan will help developing countries to collect the tax due to them, and so reduce their dependency on aid. PWYP also argues that if companies were required to report on a country-by-country basis , that would make it hard for them to divert profits into low-tax countries where they have little more than a “brass plate” presence.The coalition fears the IASB’s preference for a “management approach”, however, undermines attempts by stakeholders to understand what companies are doing in resource-rich nations in the developing world.. Controversial oil tycoon John Deuss has “temporarily” stepped down as chairman and chief executive of Bermuda Commercial Bank (BCB) due to an investigation into alleged money laundering and illegal banking. The bank’s chief operating officer, Timothy Ulrich, and another director, Tineke Deuss, have also stepped down on the same temporary basis.
The moves came as law enforcement authorities in the Netherlands raided the Deuss family home in Berg en Dal, near Nijmegen.The Deusses and Mr Ulrich are also officers of First Curacao International Bank (FCIB), a Netherlands Antilles-licensed bank wholly owned by John Deuss.

It is BCB’s biggest shareholder, with a 47 per cent stake.According to the Dutch media, FCIB is being investigated for reportedly operating without a banking licence, tax evasion and fraud. Raids were also apparently conducted at the offices of FCIB’s administrative services provider in Holland and at FCIB’s Netherlands Antilles office in the Caribbean.A BCB spokesman said FCIB had confirmed that the investigation was taking place, and that it was focused on “the bank’s involvement in alleged money-laundering activities by some of its clients and whether the activities of its Dutch service provider require a banking licence”. However, the bank said there had been no impropriety by officers or shareholders.John Deuss, who has had a home in Bermuda for 30 years, is one of the world’s best-known oil dealers. He came to prominence in the 1980s when he supplied the South African apartheid regime with oil. Since then he has also traded in Russian oil; in the 1990s, he became president of the Oman Oil Company.”John Deuss has long been one of Bermuda’s most intriguing, fascinating and reclusive residents,” said David Marchant, of the MiamiOffshore Alert newsletter. “He seldom grants interviews despite the often grand nature of his business activities. [It] only adds to the air of mystery that seems to surround him locally.”.