Top Wall Street Banker Understood the Need for Transparency in the Global Financial System
“A True American Statesman and Hero”
WASHINGTON, DC – Global Financial Integrity (GFI) praised John C. Whitehead, a longtime member of the organization’s Advisory Board, as a true American hero and champion of ethics on Wall Street upon his passing at the age of 92 on Saturday. A World War II veteran, who commanded a D-Day landing craft ferrying troops to Omaha Beach, Mr. Whitehead went on to lead Goldman Sachs and the Federal Reserve Bank of New York before serving as Deputy U.S. Secretary of State under President Ronald Reagan. Mr. Whitehead most recently led efforts to help rebuild Manhattan following the September 11th terrorist attacks and served as Chairman of the World Trade Center Memorial Foundation.
Swiss Leaks Findings Emblematic of Opaque System Illegally Draining US$1 Trillion Annually from Developing Economies
GFI: Bankers and Bank Executives Must be Held Accountable for their Behavior
WASHINGTON, DC – Leaked HSBC documents revealed today by the International Consortium of Investigative Journalists (ICIJ) highlight a culture of corruption in the international banking system that goes far beyond the world’s second biggest bank, noted Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. Featured Sunday evening on CBS News’ 60 Minutes program, the files allegedly highlight how the Swiss branch of the bank meticulously catered to some of the world’s biggest dictators and criminals, and they are but the latest example of a global bank gone rogue.
Game-Changing Recommendations Urge Institutionalization of Efforts to Combat Illicit Flows, Promote Financial Transparency
Mbeki-Led Group Also Calls for Public Registries of Beneficial Ownership, Public Country-by-Country Reporting for Multinationals
WASHINGTON, DC / ADDIS ABABA, Ethiopia – Global Financial Integrity (GFI) welcomed a new report from the African Union (AU) and United Nations Economic Commission for Africa’s (UNECA) High Level Panel (HLP) on Illicit Financial Flows from Africa as a game-changer in the movement to curtail illicit financial flows and promote financial transparency. Chaired by former South African President Thabo Mbeki, the HLP’s final report recommends putting efforts to curtail trade-related illicit flows—constituting the vast majority of measurable illicit financial flows (IFFs)—foremost in African and global efforts to curb the ongoing illegal outflow of African wealth.
GFI’s Heather Lowe Testified at Public Hearing against Exempting Credit Suisse from U.S. Regulation Barring It from Claiming Preferential Asset Manager Status in Wake of Criminal Tax Evasion Conviction
WASHINGTON, DC – Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe testified Thursday at a U.S. Department of Labor hearing where she cautioned policymakers against granting Credit Suisse AG (Credit Suisse) a special exemption from U.S. regulations barring it and its affiliates from receiving preferential asset manager treatment after the bank was criminally convicted of willfully aiding in U.S. tax evasion on an industrial scale over many years.
Public Hearing to Consider Proposed Credit Suisse Exemption from U.S. Regulation Barring It from Claiming Preferential Asset Manager Status in Wake of Criminal Conviction
GFI Expert to Testify in Favor of Financial Integrity, Rule of Law, and Protection of Retirement Funds; Will Recommend Rejection of Proposed Waiver
WASHINGTON, DC – Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify at the U.S. Department of Labor on Thursday during a public hearing considering whether Credit Suisse AG (Credit Suisse) should be granted an exemption from U.S. regulations barring it and its affiliates from receiving preferential asset manager treatment after the bank was criminally convicted of willfully aiding in U.S. tax evasion on an industrial scale over many years.
Negotiators Finalize Revisions to EU Anti-Money-Laundering Directive, Including Crucial Measures on Beneficial Ownership Transparency
United States Continues to Lag Behind International Progress on Key Element of Curtailing Illicit Financial Flows
WASHINGTON, DC – Global Financial Integrity (GFI) applauded the European Parliament and the Council of the European Union for agreeing yesterday to crack down on anonymous companies, a major conduit for laundering the proceeds of crime, corruption, and tax evasion. Just Tuesday, GFI released its annual flagship analysis of illicit financial flows from developing countries, which found that such flows—growing at nearly twice the rate of global GDP—reached a historic high of US$991.2 billion in 2012, the most recent year for which data is available.
Illicit Flows from Developing & Emerging Countries Growing at 9.4% per Year
US$6.6 Trillion Stolen from Developing World from 2003-2012; Trade Misinvoicing Responsible for 77.8% of Illicit Outflows
China, Russia, Mexico, India, Malaysia—in Declining Order—Are Biggest Exporters of Illicit Capital over Decade; Sub-Saharan Africa Still Suffers Biggest Illicit Outflows as % of GDP
Study Calls for UN Sustainable Development Goals to Halve Annual Trade-Related Illicit Flows by 2030; Recommends Public Registries of Beneficial Ownership; Urges Public Country-by-Country Reporting for Multinationals
WASHINGTON, DC – A record US$991.2 billion in illicit capital flowed out of developing and emerging economies in 2012—facilitating crime, corruption, and tax evasion—according to the latest study released Tuesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The study is the first GFI analysis to include estimates of illicit financial flows for 2012.
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.
