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...
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.
By Daniel Neale, January 9, 2019
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?
This year, Global Financial Integrity and Academics Stand Against Poverty will be awarding the fifth annual Amartya Sen Prizes to the two best original essays on assessing the human impact of illicit financial flows out of Africa....
By Joseph Spanjers, November 9, 2016
Today, GFI is pleased to announce the launch of GFTrade, a proprietary trade risk assessment application that enables customs officials to determine if goods are priced outside typical ranges for comparable products. A cloud-based system developed over the past year, GFTrade provides officials with real-time price analyses for goods in the port using price ranges for the same product based on global trade information. This information can help to determine if further investigation into potential misinvoicing is warranted, and it has the potential to substantially increase domestic revenue mobilization.
By Raymond Baker, October 21, 2016
Global Financial Integrity is pleased to note growing interest in the estimation of illicit financial flows and their effect on emerging market and developing countries. We are writing to offer a series of thoughts surrounding the reality of this concern and its political significance.
A recent Global Financial Integrity study concluded that measurable illicit financial outflows topped the $1 trillion mark in 2013. The inclusion of illicit financial flows (IFFs) in the Sustainable Development Goals was an affirmation of the detrimental impact these flows have on the development of low income countries. Amongst the most keenly affected are children, who lose out on quality education due to insufficient government funding. I was able to witness just this, when I spent the 2013 academic year at a village school just outside the city of Zomba, Malawi, a country that GFI estimates loses on average US$650 million per year in illicit outflows.
By Tom Cardamone, February 1, 2016
In adopting the Sustainable Development Goals this past September, UN member states realized two extraordinary achievements. First, the document itself—with 17 goals, 169 targets and 200+ (yet to be finalized) indicators—is a testament to global ambition, a 15-year roadmap toward what is hoped will be unprecedented progress in poverty alleviation. Second, the global community agreed to “substantially reduce illicit financial flows,” which reached $1.1 trillion two years earlier according to a recent GFI study.