Director Raymond Baker and Director of Government Affairs Heather Lowe Appear in Latest Issue of the American Interest
WASHINGTON, DC — Pieces authored by Global Financial Integrity (GFI) director Raymond Baker and GFI director of government affairs Heather Lowe appear in the latest issue of the American Interest. The July/August edition of the bimonthly publication hits newsstands this week and may be viewed online at www.the-american-interest.com/.
New Disclosure Rules for Hong Kong Stock Exchange Will Improve Investment Climate, Transparency and Accountability
WASHINGTON, DC—New disclosure rules going into effect today for petroleum and mineral companies listed with the Hong Kong stock exchange (HKEx) will increase transparency and accountability in the extractive industries sector with beneficial implications for Hong Kong’s investment climate, said Global Financial Integrity (GFI).
Offshore Clearinghouse is Systemic Product of a Lack of Transparency; Senate Leadership Decision to Prevent Vote on Amendment is Troubling
WASHINGTON, DC – The fate of a crucial element of financial reform efforts, an amendment proposed to the Financial Stability Reform Act by Senators Carl Levin ((D-MI) and Jeff Merkley (D-OR) is in limbo ahead of a cloture vote scheduled to take place on the Senate floor later today. The proposed amendment-which will reportedly be prevented from receiving a vote on the Senate floor-will ban banks from proprietary trading, and its omission from the financial reform bill would set back critical efforts to increase transparency in offshore financial markets, said Global Financial Integrity today.
WASHINGTON, DC — Global Financial Integrity (GFI) is pleased to announce that former New York County District Attorney Robert Morgenthau has agreed to serve on the GFI Advisory Board. Mr. Morgenthau’s Advisory Board membership builds upon earlier collaborations with GFI on projects and efforts related to illicit financial practices, the most recent of which was a briefing last September on the national security risks inherent to growing diplomatic and financial ties between Iran and Venezuela.
WASHINGTON, DC – A new report released today from Global Financial Integrity (GFI) on private, non-resident deposits in secrecy jurisdictions finds that the United States, United Kingdom, and the Cayman Islands are the most popular destinations for financial deposits by non-residents. Switzerland, Luxembourg, and Hong Kong also make the top 10 list of destinations.
Washington, DC – The Senate’s passage Wednesday of legislation requiring increased reporting and withholding by offshore financial centers marks a significant step forward in efforts to combat US tax evasion and banking secrecy, said Global Financial Integrity. The measures, part of the Foreign Account Tax Compliance Act (FATCA) subtitle of the Hiring Incentives to Restore Employment (HIRE) Act—which went to the President for his signature yesterday—are also predicted to generate $8.7 billion over 10 years.
By Dev Kar, February 2, 2010
Time is running short for recipient countries to curtail illicit financial outflows and for developed countries to implement stricter oversight of banks and offshore financial centers that absorb these flows. Developing countries cannot count on a continued increase in bilateral assistance to offset the erosion of real values through inflation let alone counteract the reduction in aid effectiveness due to unrecorded leakages of capital.
WASHINGTON, DC — Global Financial Integrity (GFI) released today a statement-dubbed the New Haven Declaration-which debuts a new partnership between humans rights and financial transparency advocacy groups. Today’s announcement follows a meeting of prominent human rights and financial transparency organizations at Yale University in early December, 2009. The groups discussed the link between illicit financial practices, secrecy in global finance and their adverse impact on human rights.
