Global Financial Integrity

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New Anti-Money Laundering Bill Neglects Beneficial Ownership

The U.S. House of Representatives Committee on Financial Services has scheduled a Thursday markup on an anti-money laundering (AML) bill (HR 6068) stripped of beneficial ownership provisions necessary to address this widely-recognized and well-documented vulnerability in the U.S. AML regime.

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Rabobank: Similar Facts, Different Outcome–Signal of a New DOJ Approach?

Yesterday’s announcement of a guilty plea by Rabobank NA with corresponding penalty and forfeiture of $369 million did not immediately strike people as new or surprising.  In fact, the pattern of anti-money laundering/Bank Secrecy Act (AML/BSA) violations...

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GFI Opposes H.R. 4519: Letter to the House Financial Services Committee

H.R. 4519, the proposed repeal of Section 1504 of the Dodd-Frank Act, also known as the Cardin-Luger Anti-corruption law, Faces Mark-up Tomorrow

On December 11, 2017, Global Financial Integrity sent a letter to Chairman Jeb Hensarling and Ranking Member Maxine Waters of the House Financial Services Committee urging the Committee to vote “NO” on H.R. 4519, which would repeal a crucial bi-partisan anti-corruption law known from Section 1504 of the Dodd-Frank Act.  Section 1504 helps the U.S. government combat corruption in the oil, gas and mining sectors globally.

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Representative Pocan Introduces New Bill to Address Harmful Gaps in Corporate Financial Transparency Reporting Requirements

“Today, neither legislators nor investors have any reliable information about multinationals’ profit shifting practices apart from the result of them—less revenue in the U.S. treasury and greater risk of enforcement actions worth billions of dollars,” commented Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity.

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U.S. Treasury, IRS Move Quickly to Implement OECD BEPS Agreement, Finalizing Rule Requiring Country-by-Country Reporting by Multinationals

Today the U.S. Treasury and the Internal Revenue Service (IRS) published a rule, which will become final tomorrow, requiring the U.S. parent company of large, public and privately held multinational companies to provide certain financial data to the IRS on a country-by-country basis. The information is meant to provide tax authorities with better tools to identify where a company might be artificially shifting profits into tax havens—a red flag for tax evasion and tax avoidance that may warrant further investigation.

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New Treasury Rule on Beneficial Ownership Fails to Ensure that Beneficial Owners Are Identified

GFI Calls on Congress to Take Action to Ensure that Beneficial Owners are Actually Identified at the Time of Company Formation                 

The U.S. Departments of Treasury and Justice announced a raft of measures and proposals to address critical vulnerabilities in the U.S. financial system on May 5th, following actions taken by other countries in response to the Panama Papers disclosures. GFI welcomes the introduction of these measures after a four year process but urges Treasury and Justice to fix serious gaps in the requirements for identifying the beneficial owners of companies.

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Civil Society Calls on U.S. Treasury, IRS to Require More Transparent Corporate Tax Reporting in Proposed Rulemaking

Global Financial Integrity (GFI) and over 100 other members of the Financial Accountability and Corporate Transparency (FACT) Coalition have submitted a letter to the U.S. Department of the Treasury (Treasury) and to the Internal Revenue Service (IRS) urging them to maintain and strengthen a proposed rule on Country-by-Country Reporting that would bring much needed transparency to how U.S.-based companies book profits and pay taxes in many of the countries in which they have subsidiaries. The proposed rule is meant to give the IRS and, potentially, foreign tax authorities, a window into how multinational companies may be gaming the international tax system and avoiding taxation in the U.S. and other countries. Today is the final day to submit public comments to Treasury and the IRS on the proposed rulemaking.

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GFI Engages, Third Quarter 2015

A Quarterly Newsletter on the Work of Global Financial Integrity from June to September 2015

Global Financial Integrity is pleased to present GFI Engages, a quarterly newsletter created to highlight events at GFI and in the world of illicit financial flows. We look forward to keeping you updated on our research, advocacy, high level engagement, and media presence. The following items represent just a fraction of what GFI has been up to since March, so make sure to check our website for frequent updates.
Global Financial Integrity Conference: Illicit Financial Flows: The Most Damaging Economic Problem Facing the Developing World

Based on the culmination of work GFI has done with the support of the Ford Foundation including a book by GFI, the conference included discussions and keynote remarks from experts on the nature of IFFs, country-level perspectives, and how and why curtailing these IFFs should be a priority for the global community.

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