By Dev Kar, January 22, 2016
Several recent studies have indicated that capital flight (defined as outflows of licit and illicit capital from developing countries) has serious consequences for economic performance and well-being. For example, a 2012 IMF study based on a panel regression of 103 developing countries over 2001-07, found that country-specific factors such as institutional quality and domestic credit markets have little impact on a country’s ability to translate capital inflows into domestic investment.
By Joseph Spanjers, December 15, 2015
This reflects a refinement in how we calculated our estimates for 37 countries, including major emerging economies like Mexico, South Africa, and Turkey. These countries join 19 others for which we were able to use more detailed data to capture how much money flowed out illicitly. As a result, our estimate for 2013 was a total outflow of a staggering US$1.1 trillion—and the world actually crossed this trillion mark in 2011.
By Christine Clough, PMP, October 26, 2015
When the States Parties to the UN Convention against Corruption (UNCAC) and official observers gather in St Petersburg next week for the 6th Conference of States Parties (COSP), the UNCAC Coalition will be advocating for enhanced language...
By Tom Cardamone, October 6, 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.
By Christine Clough, PMP, September 1, 2015
Flight Capital and Illicit Financial Flows to and from Myanmar: 1960-2013
Please join Global Financial Integrity (GFI) for a panel discussion on Thursday, September 10 at the National Press Club in Washington, DC. Based on a forthcoming report by GFI, the panel will discuss the dynamics of illicit financial flows (IFFs) and economic opacity in Myanmar since 1960, and the economic ramifications these trends have had and continue to have on the country’s development.
The panel will include:
Dev Kar
Chief Economist
Global Financial Integrity
Vikram Nehru
Senior Associate, Asia Program
Bakrie Chair in Southeast Asia Studies
Carnegie Endowment for International Peace
Aaretti Siitonen
First Secretary
Embassy of Finland
And will be moderated by:
Tom Cardamone
Managing Director
Global Financial Integrity
By Sophie Haggerty, August 6, 2015
Academics Stand Against Poverty, the Yale Global Justice Program, and Global Financial Integrity invite submissions of original essays of ca. 7,000 to 9,000 words on the intelligent use of incentives toward curtailing corporations’ use of tax evasion and avoidance, abusive transfer pricing and all forms of illicit financial flows. All prizes are named in honor of Amartya Sen, whose work has shown how the rigor of economic thinking can be brought to bear on normative and practical questions of great human significance. For more details, please see the contest web page.
By Heather Lowe, August 6, 2015
We have the financial transparency ideas, now we need the right open data standards to go with them!
As a member of the Financial Transparency Coalition (FTC), Global Financial Integrity is seeking proposals from experts in the area of data standards for a consultant to produce a scoping study that identifies the range of open data standards that might accompany the FTC’s transparency platform and an assessment of the related political challenges and opportunities.
Deadline for applications is August 21 ! Please see the Request for Proposals (RFP) for complete information.
By Heather Lowe, July 22, 2015
Law Firm Focuses Attention on Practice Illicitly Draining Over US$700 Billion per Year from Developing and Emerging Economies
While much of GFI’s focus is on improving the capacities of customs departments, it is unfortunately rare for us to find American law firms writing articles on customs issues applicable to our work. Attorneys at the global law firm of White & Case have recently published one worth reading, however.
The authors are noting the increase of U.S. enforcement in the customs area, and most of the cases cited involve trade misinvoicing/fraud, a practice which accounts for about 80 percent of GFI’s illicit financial flows estimates—illegally draining US$730 billion from developing and emerging economies in 2012.
