Christine Clough, PMP
Incorporation Transparency and Law Enforcement Assistance Act in House and Senate Would Tackle Anonymous U.S. “Phantom Firms”
In the wake of a searing segment on CBS’s 60 Minutes exposing how some New York attorneys are more than willing to create anonymous companies that foreigners may use as vehicles for laundering money in the U.S., Global Financial Integrity (GFI) welcomes the introduction by Representative Maloney and Senator Whitehouse to introduce legislation (bipartisan in the House) that would require companies to disclose the people that own or control them when these entities are formed. The two bills would bring the United States in line with international anti-money laundering (AML) standards, target individuals responsible for laundering money, and bring an end to the abuse of anonymous U.S. shell companies.
Christine Clough, PMP
US$7.8 Trillion drains from Developing World from 2004-2013
Trade Fraud Responsible for Illicit Outflows of US$6.5 Trillion
China, Russia, Mexico, India, Malaysia are Biggest Exporters of Illicit Capital over Decade
Sub-Saharan Africa Still Suffers Largest Illicit Outflows as % of GDP
WASHINGTON, DC – Illicit financial flows from developing and emerging economies surged to US$1.1 trillion in 2013, according to a study released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available.
Heather Lowe, +1 202 293 0740 ext. 228
U.S. Department of Labor Puts Pension Funds at Risk WASHINGTON, DC – Global Financial Integrity (GFI) expressed disappointment today in the U.S. Department of Labor’s (DOL) decision that the Credit Suisse asset management entities can continue to enjoy...
GFI Managing Director Tom Cardamone Available for Commentary in New York Washington, DC — Global Financial Integrity applauds the official adoption of the Sustainable Development Goals (SDGs) by the UN General Assembly today in New York. This...
Christine Clough, PMP
GFI Managing Director Tom Cardamone Available for Commentary in New York Washington, DC — The scourge that illicit financial flows (IFFs) inflict upon poverty alleviation efforts has become well known and is addressed in the Sustainable Development...
WASHINGTON, DC – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national health spending in many countries. The IFF/Health Spending ratios provided below give an indication of the...
Book to be launched at two-day conference on September 21 and 22 at the National Press Club in Washington, DC Russia’s illicit outflows were 8.3% of GDP (1994-2012); Illicit outflows from Mexico (1970-2012) and the Philippines (1960-2012)...
Christine Clough, PMP
Action by United Nations “a Seismic Shift in Development Orthodoxy” WASHINGTON, DC – Analysis of illicit financial flows (IFFs) by Global Financial Integrity (GFI) shows that in seven of the last ten years the global volume of...
