Global Financial Integrity

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Illicit Financial Flows

Why India Cannot Get the Money Back

Excerpted from ‘India – Still a Shackled Giant’ by Dev Kar, with Penguin Random House India permission.  A few years after retiring from the IMF, I applied for the position of lead economist at GFI, then a...

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With Spate of New Bills, Congress Has Chance to Tackle Kleptocracy

Photo by Gautier Salles on Unsplash

Twenty-five luxury vehicles worth over $27 million. Gilded toilets in a secret forest compound. Three lions in a private zoo. A $200,000 wedding dress for a cabinet minister’s daughter. The bounty of kleptocracy can take many, sometimes...

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Seventh Annual Amartya Sen Essay Contest 2020

In August 2020, Global Financial Integrity and Academics Stand Against Poverty will be awarding the seventh annual Amartya Sen Prize to the two best original essays that examine one particular component of illicit financial flows, the resulting...

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Free trade zones: a Pandora’s box for illicit money

Governments around the world are increasingly turning to free trade zones (FTZs) as a means of promoting economic growth and investment: Ghana recently signed an agreement with Iran to bolster cooperation between their free zones, while the...

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Out of Africa: Capital Flight

by Ben Iorio “The traditional thinking has always been that the West is pouring money into Africa through foreign aid and other private-sector flows, without receiving much in return. Actually, that logic is upside down – Africa...

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Cryptocurrency and the rise of new illicit financial flows

By Ben Iorio With the rise of Bitcoin and cryptocurrency, the norms for currency have changed. Cryptocurrencies allow transactions to take place with a currency not regulated by any country. In essence, cryptocurrencies are currencies existing completely...

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GFI: India Lost Approximately US$13.0 Billion to Trade Misinvoicing in 2016

Global Financial Integrity estimates India lost US$13.0 billion in potential revenue to trade misinvoicing in 2016 alone. How did we get that estimate? This blog breaks down the findings and methodology of our latest report.

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Taking stock of 2018’s money laundering scandals: When is enough enough? (Part 2)

A systemic problem persists in banks’ ability and willingness to stop dirty money from flowing through the financial system. But when will it stop, or even diminish?

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