Global Financial Integrity

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Voices in Transparency – Isabelle Kermeen

This piece is part of a series to highlight the voices and work of women in the transparency field, as part of Global Financial Integrity’s work coordinating the Women in Transparency Network. This interview features Isabelle Kermeen,...

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The G7 and the SDGs

How some of the world’s most advanced economies and free societies implement the SDGs Leer en Espanol By Edda Pleitez The Sustainable Development Goals (SDGs) are a set of measurable, attainable and time-bound objectives that were accepted...

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Implications of a Brexit: A U-turn in tackling global tax avoidance?

With just days remaining until Britain decides on its EU membership, the UK is at a crossroads. It has a historical choice to make, with various consequences attached to the decision on the 23rd of June on whether it becomes the first ever country to leave the EU. Those consequences could include undermining the leading role that Britain has taken in the global fight against corruption and transforming Britain into an even greater tax haven for multinationals.

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Norway Latest Country to Adopt Public Registry of Beneficial Ownership

The Norwegian Parliament Building

Other Countries Should Follow Norway’s Example

On June 5, the Norwegian Parliament unanimously voted to establish a public registry of corporate ownership information, becoming the latest country to tackle the abuse of anonymous companies through increased transparency.

Anonymous companies are one of the top tools used by criminals, kleptocrats, tax evaders, and terrorists to launder dirty money with impunity.  Requiring companies to publicly disclose in a central registry their ultimate, human, beneficial owner(s) is regarded as the gold standard in tackling the abuse of these phantom firms.

Norway’s strong endorsement of transparency comes as no big surprise: the Scandinavian country routinely ranks near the top of transparency and anti-corruption rankings, and Norway was the first country to get behind the push to curb illicit financial flows.  Their support on this topic dates back to the formation of the Norwegian Government-led Task Force on the Development Impact of Illicit Financial Flows in 2007 and their financial backing of the Financial Transparency Coalition at its inception in early 2009–long before illicit flows topped the global agenda.

In establishing a public registry, Norway joins Denmark and the United Kingdom—the first country to commit to a public registry of beneficial ownership information back in October 2013.  The UK followed through with its commitment this March by passing historic legislation needed to fulfill its pledge.

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G7 Whiffs on Illicit Financial Flows as FfD Conference Approaches

World Leaders Urged to Target Illicit Flows, Trade Misinvoicing at Addis Summit

The outlook was promising. In the outrage over the unfolding FIFA corruption scandal, UK Prime Minister David Cameron vowed Saturday to put corruption on the agenda of this week’s G7 Summit in Germany.

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Despite Cameron’s Efforts, G7 Fails to Make Progress on Illicit Financial Flows

G7 Communiqué Ignores Illicit Flows in the Context of the Post-2015 Development Agenda

World Leaders Urged to Target Illicit Flows, Trade Misinvoicing at FfD Conference

WASHINGTON, DC – Global Financial Integrity (GFI) expressed disappointment in world leaders Monday for failing to advance efforts to curtail illicit financial flows—particularly in the context of the Post-2015 Development Agenda. The G7 failure comes despite a new GFI study released on Wednesday showing the outsized-impact that illicit financial flows (IFFs) have on the poorest countries in the world, and notwithstanding a Friday pledge by UK Prime Minister David Cameron to put corruption on the agenda of the G7 Summit, which concluded today in Germany.

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Landmark UK Transparency Law Raises Pressure on White House, Congress

David Cameron and Barack Obama

UK Enacts Legislation to Curb Abuse of Anonymous Companies—A Prime Money Laundering Vehicle—with Public Registry of Corporate Ownership Information

U.S. the 2nd-Easiest Place for Criminals to Open Anonymous Companies to Launder Dirty Money

WASHINGTON, DC – The United Kingdom today enacted legislation to crack down on the abuse of anonymous companies—a major conduit for laundering the proceeds of crime, corruption, and tax evasion—in a move that raises pressure on the United States to clean up its own house, noted Global Financial Integrity (GFI), a Washington, DC-based organization working to curtail illicit financial flows.

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GFI Commends Landmark Agreement to End Anonymous Companies in the European Union

Negotiators Finalize Revisions to EU Anti-Money-Laundering Directive, Including Crucial Measures on Beneficial Ownership Transparency

United States Continues to Lag Behind International Progress on Key Element of Curtailing Illicit Financial Flows

WASHINGTON, DC – Global Financial Integrity (GFI) applauded the European Parliament and the Council of the European Union for agreeing yesterday to crack down on anonymous companies, a major conduit for laundering the proceeds of crime, corruption, and tax evasion. Just Tuesday, GFI released its annual flagship analysis of illicit financial flows from developing countries, which found that such flows—growing at nearly twice the rate of global GDP—reached a historic high of US$991.2 billion in 2012, the most recent year for which data is available.

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