Recent Study Shows Integrity Institutions Lack Effectiveness in Controlling Looting of Wealth
DAKAR, Senegal – Economies in Africa have lost between $597 billion and $1.4 trillion in net resource transfers in the past three decades, despite the growth in integrity institutions on the continent, according to a recent study conducted by Global Financial Integrity (GFI). Illicit financial flows are the topic of a two-day forum organized by the Open Society Initiative for West Africa (OSIWA) and TrustAfrica on December 9th and 10th, at Terrou Bi Hotel in Dakar, Senegal.
The Right Leader for South Africa—and the World—at the Right Time
WASHINGTON DC – Global Financial Integrity today mourned the passing of civil rights leader and former South African President Nelson Mandela, who died yesterday at his home in South Africa at the age of 95. Global Financial Integrity expressed sympathy for the people of South Africa for losing an iconic leader.
After nearly three decades of imprisonment, Mandela was freed in 1990. He publicly responded with a message of reconciliation, rather than vengeance, and helped unite South Africa after the end of apartheid. Later, Mandela was elected as the first black President of South Africa, and pursued an agenda of social welfare and inclusion.
Net Resource Transfers Out of Africa Range from US$597 Billion to US$1.4 Trillion from 1980 through 2009
Unrecorded Illicit Financial Outflows from The Continent Ranged from US$1.22-1.35 Trillion from 1980-2009, Swamping Recorded Financial Transactions
Net Resource Deficit, Illicit Outflows Seriously Undermine Development
MARRAKECH, MOROCCO / WASHINGTON, DC – A new joint report by the African Development Bank (AfDB) and Global Financial Integrity (GFI), launched Wednesday at the 48th AfDB Annual Meetings in Marrakech, Morocco, reveals that the African continent has been a long-term net creditor to the rest of the world. The report [ HTML | PDF – 4.2 MB ], finds that Africa suffered between US$597 billion and US$1.4 trillion in net outflows between 1980 and 2009 after adjusting net recorded transfers for illicit financial outflows.
Entre 1980 et 2009, les transferts nets de ressources hors d’Afrique sont de l’ordre de 597 milliards de dollars EU à 1 400 milliards.
Les flux financiers illicites et non enregistrés ont été de l’ordre de 1 220 à 1 350 milliards de dollars EU entre 1980 et 2009, éclipsant les transactions financières enregistrées.
Le déficit net de ressources et les fuites illégales de capitaux compromettent gravement le développement.
MARRAKECH, Maroc / WASHINGTON DC – Lancé officiellement le mercredi 29 mai 2013, à l’occasion des 48e Assemblées annuelles de la Banque africaine de développement (BAD) à Marrakech, au Maroc, un nouveau rapport conjoint de la BAD et de Global Financial Integrity (GFI) révèle que le continent africain est depuis de longues années un créancier net vis-à-vis du reste du monde. Le rapport [ HTML (en anglais) | PDF – 4,2 Mo (en anglais) ] conclut que l’Afrique a pâti de sorties nettes de fonds de l’ordre de 597 milliards de dollars EU à 1 400 milliards de dollars, entre 1980 et 2009, après ajustement des transferts nets enregistrés pour les flux financiers sortants frauduleux.
Former UN Secretary-General Calls for Public Disclosure of Corporate Ownership Information
2013 Africa Progress Report Features GFI Research, Highlights Devastating Impact of Tax Haven Secrecy, Phantom Firms on Development
Forthcoming Joint Report from AfDB and GFI Released May 29th to Examine Economic Toll of IFFs on Africa
WASHINGTON, DC – Global Financial Integrity (GFI) lauded former UN Secretary-General Kofi Annan and the Africa Progress Panel (APP), which he chairs, for highlighting the devastating impact that illicit financial outflows have on economic development and poverty alleviation across the continent in the 2013 Africa Progress Report published today. The APP report cites GFI’s research on illicit financial flows and calls upon the G8 to require full, public disclosure of the beneficial ownership information of all corporate entities within the next year.
In 1961 I arrived in Lagos, Nigeria, to take over the management of a company. One of the early conversations I had was with an “old coaster,” a British gentleman who was managing director of a UK-based trading company that had been active along the west coast of Africa since the late 1800s. I asked him, “How do you do business in Africa?” He looked me skeptically up one side and down the other and wasn’t very forthcoming. I got the distinct impression that he did not like Americans showing up in his former British colony so soon after independence. But I pressed on as is my American manner and asked further, “Well, okay, tell me, how do you price your imported cars and textiles and building materials to sell in the Nigerian market?” He answered, “Price? Price is not a problem. I’m not trying to make a profit.”
Imagine my surprise. I had just finished Harvard Business School learning all about how to make a profit and here in Africa one of the first persons I encounter tells me he’s not trying to make a profit. What could be going on here?
Anonymous U.S. Shell Companies Facilitating Wildlife Crime, Arms Trafficking, Drug Smuggling, and Terrorist Financing – Explains GFI’s Tom Cardamone in Written Testimony Submitted to Committee
GFI Managing Director Tom Cardamone testified before the U.S. Senate Committee on Foreign Relations on May 24, 2014 at a hearing titled “Ivory and Insecurity: The Global Implications of Poaching in Africa.”
U.S. Anonymous Shell Companies Facilitating Wildlife Crime, Arms Trafficking, Drug Smuggling, and Terrorist Financing – Explains Cardamone in Written Testimony Submitted to Committee
WASHINGTON, DC – Global Financial Integrity (GFI) Managing Director Tom Cardamone will testify tomorrow before the full U.S. Senate Committee on Foreign Relations on the global security implications of poaching in Africa, explaining how the opaque structures in the international financial system—particularly anonymous American shell companies—facilitate illicit wildlife trafficking, drug smuggling, arms dealing and even terrorist financing.
