Global Financial Integrity

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GFI Welcomes Brazil’s Nelson Barbosa to Advisory Board

Former Deputy Finance Minister Brings Wealth of Experience

WASHINGTON, DC – Global Financial Integrity (GFI) announced today that Nelson Barbosa, the former deputy finance minister of Brazil, has joined the organization’s Advisory Board. GFI, a research and advocacy organization based in Washington, DC, will benefit from Dr. Barbosa’s many years of experience working to curb tax haven secrecy and curtail illicit financial flows from the highest levels of government.

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With Election Over, Will Brazil Turn to Curbing Its Illicit Flows Problem?

A Recent GFI Study & Conference Focused on Brazil’s Illicit Financial Flows, which Cost the Latin American Country US$401.6 Billion from 1960-2012

A pair of articles by The Economist last week highlight the economic challenges that Brazil’s recently re-elected president, Dilma Rouseff, will face in her second term leading Latin America’s largest economy. The federal budget shortfall has grown to 4.9% of GDP. Tax increases could further undermine growth, and cuts to benefits programs for Brazilians might also decrease spending and slow the economy, in addition to weakening progress on addressing the country’s economic inequality and poverty rates.

Many Brazilians already complain about the high tax rates and poor public services. According to a Christian Science Monitor article, which cites the Brazilian Institute of Tax Planning:

“the average person works 150 days a year to pay taxes, compared with 102 days in the [United States]. Among the 30 countries with the highest tax burdens, Brazil ranks last in terms of the quality of services citizens receive in exchange for high taxes.”

Businesses and individuals in Brazil are also dealing with high inflation, slow growth, a weakening currency, and a growing current-account gap.

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GFI Engages, Third Quarter 2014

A Quarterly Newsletter on the Work of Global Financial Integrity from June through September 2014

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 May, so make sure to check our new website for frequent updates.

U.S.-Africa Leaders Summit

The big news this quarter was the U.S.-Africa Leaders Summit held in Washington, D.C. in early August, which brought together leaders from fifty African nations with President Obama, and included a ground-breaking announcement that a joint high-level working group on illicit financial flows would be formed. GFI participated in the summit’s Civil Society Forum as well as several additional side events, and were proud to partner with the Open Society Foundations (OSF) and other organizations to host the event “Resources for the Future: Partnering with Civil Society for Transparency and Accountability in Africa,” which celebrated the role of civil society in advocating for transparency and accountability in Africa and discussing ways to make further progress. The high-caliber roster of speakers are too numerous to list here, but included Vice President Joseph Boakai of Liberia; George Soros, founder of OSF; Mo Ibrahim, founder of the Mo Ibrahim Foundation; and Mojanku Gumbi, a trustee of the Thabo Mbeki Foundation. The public event was followed by an African-U.S. civil society working session.

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Photographs from GFI and MIND’s Joint Conference in Rio de Janeiro

Photos from “Illicit Financial Flows in Brazil: A Hidden Resource for Improving Prosperity and Economic Stability,” a joint conference in Rio de Janeiro, Brazil that was co-hosted by Global Financial Integrity and the Multidisciplinary Institute for Development and Strategies (MINDS).

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US$401.6 Billion Flowed Illegally out of Brazil from 1960 to 2012, Finds New GFI Report

Fraudulent Misinvoicing of Trade Transactions Accounts for 92.7% of Brazil’s Illicit Outflows; Underground Economy Averaged 38.9% of Brazil’s Official GDP

Customs Enforcement, Transparency Measures, Political Will Seen as Key to Curbing Crime, Corruption, and Tax Evasion

Press Event to Be Held at JW Marriott Hotel Rio de Janeiro at 11am Local Time on Monday, September 8th, Day-Long Conference on Illicit Flows to Follow on Tuesday, September 9th

RIO DE JANEIRO, Brazil / WASHINGTON, DC – More than US$400 billion flowed illegally out of Brazil between 1960 and 2012— draining domestic resources, driving the underground economy, exacerbating inequality, and facilitating crime and corruption—according to a new report to be published Monday, September 8th at a press event in Rio de Janeiro by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization.

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Novo relatório da Global Financial Integrity (GFI) revela que US$ 401,6 bilhões deixaram o Brasil ilegalmente entre 1960 e 2012

O faturamento fraudulento de transações comerciais foi responsável por 92,7% dos fluxos financeiros ilícitos provenientes do Brasil para outros países; A economia subterrânea correspondeu, em média, a 38,9% do PIB oficial do Brasil

A fiscalização aduaneira, medidas de transparência e a vontade política são vistas como elementos essenciais para o combate à criminalidade, à corrupção e à evasão fiscal

Um evento de imprensa será realizado no Hotel JW Marriott Rio de Janeiro na segunda-feira, 8 de setembro, às 11:00 horas, seguido de uma Conferência de um dia sobre Fluxos Financeiros Ilícitos a se realizar na terça-feira, 9 de setembro

RIO DE JANEIRO, Brasil/WASHINGTON D.C. – Mais de US$ 400 bilhões deixaram o Brasil ilegalmente entre 1960 e 2012, drenando os recursos internos do país, estimulando a economia subterrânea, acentuando a desigualdade e facilitando a criminalidade e a corrupção, afirma um novo relatório a ser lançado na segunda-feira, 8 de setembro, em um evento de imprensa a se realizar no Rio de Janeiro sob os auspícios da Global Financial Integrity (GFI),uma organização de pesquisa e advocacy sediada em Washington.

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Join Us for Our Upcoming Conference on Illicit Financial Flows in Brazil

GFI and MINDS will hold a joint conference on Illicit Financial Flows in Brazil's Rio de Janeiro.

Joint GFI/MINDS Event, Taking Place September 9th in Rio de Janiero, Will Launch New, In-Depth Research on Brazil’s Illicit Financial Flows

We are pleased to announce the dates of our much anticipated conference in BrazilIllicit Financial Flows in Brazil: A Hidden Resource for Improving Prosperity and Economic Stability.

Join us on September 9th for a joint conference in Rio de Janeiro hosted by GFI and the Multidisciplinary Institute for Development and Strategies (MINDS).

The conference will focus on illicit financial flows in Brazil. According to our previous research, Brazil has a significant problem with illicit outflows, which totaled roughly US$193 billion from 2002 through 2011, making it the 7th largest exporter of illicit capital globally.

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Why Pele’s Son, Sentenced for Money Laundering, is the Tip of the Iceberg for Brazil

Pele's son sentenced to 33 years in jail for money laundering.

Pele’s son, Edinho, has been sentenced to 33 years in jail on money laundering charges.

Edinho, a former professional soccer player, was accused of using his father’s name to run businesses that conducted money laundering. Edinho was linked to drug cartel boss Ronaldo Duarte Barsotti, known as Naldinho, who allegedly controlled a large drug operation in Brazil’s southeast region.

Prosecutors say that Edinho connected the armed and the financial parts of the cartel and operated from the city of Santos, where he worked as a goalkeeping coach. According to a Santos-based newspaper, Naldinho and Edinho were tapped discussing the illicit money transactions by starting a new business.

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