Global Financial Integrity

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Event Recap: How Illicit Financial Flows are Europe’s Common Enemy

On Wednesday, representatives from the Senate, European Embassies of Luxembourg, the Netherlands, and anti-corruption NGOs, including GFI’s Tom Cardamone, gathered in the U.S. Senate’s Kennedy Caucus Room to discuss the growing dangers of illicit financial flows in Europe as major contributors to the European financial crisis.

U.S. Senator Jeff Sessions (R-AL) spoke about his experience with Russia’s systematic aggression in the Balkan areas, and advised they take a stronger stance against Russian encroachment. Dependence on American financial and military hegemony in the region is not a sustainable security solution, he added. Sessions, who also served as Attorney General of Alabama, urged that Central and Eastern Europe push for anti-corruption and transparency laws.

I am convinced that prosperous and open societies make the world better. The values of financial integrity are exactly what we need.

All agreed that financial integrity is the linchpin of stability and security. Hon. Becky Norton Dunlop, Vice President of the Heritage Foundation, said:

Ensuring transparency is key to dealing with corruption.

This is not just a Republican issue. This is not just a Democratic issue; this is an issue for all Americans.

The crisis in Crimea was preventable, argued Natasha Srdoc, Chairman of the Adriatic Institute for Public Policy. Regional stability is greatly undermined by Western European banks promoting fraudulent transactions in the Balkans. Had Ukraine formally broken its ties to Russia and joined the EU, it could have deterred Russia from annexing Crimea. Yet joining the EU may also have exposed the corruption schemes of Ukrainian elites, including that of former President Viktor Yanukovych and former PM Pavlo Lazarenko, whose own anonymous shell company was based in Wyoming.

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GFI & Adriatic Institute Partner to Launch Study on Balkans’ Illicit Financial Flows: 1991-2011

The Balkans’ $111.6 Billion in Illicit Financial Outflows (2001-2010) Hemorrhages the Region’s Treasuries and Exposes Western Nations to Financial Risks

RIJEKA, Croatia / WASHINGTON, DC – Global Financial Integrity (GFI) and Adriatic Institute for Public Policy (AI) have formed a strategic partnership to launch a new joint study on the Balkans’ illicit financial outflows via crime, corruption and tax evasion for the years 1991 through 2011.  The in-depth study led by the joint leadership team consisting of GFI President Raymond Baker, GFI Chief Economist Dev Kar, AI Chairman Natasha Srdoc and senior staff members will provide detailed reports for each of the Balkan nations covering the 21-year time span. The GFI-AI research will focus on illicit financial outflows for the Balkan nations including Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Greece, Kosovo, Macedonia, Montenegro, Romania, Serbia and Slovenia.

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