Amanda Fortier
Ibrahima Aidara
Global Financial Integrity
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.
E.J. Fagan, +1 202 293 0740 ext. 227
New UK Public Registries to Become the Gold Standard to Combat Illicit Financial Flows
President Obama Ought Follow Cameron’s Leadership
WASHINGTON DC – Prime Minister David Cameron announced today that the United Kingdom plans to create a central public registry of corporate beneficial ownership information, and called on other countries to join the United Kingdom by establishing their own public registries.
Heather Lowe, Director of Government Affairs at Global Financial Integrity, praised the historic move, “David Cameron is proving to be the true global leader on tackling the kind of financial opacity that has stymied growth in developed and developing nations alike. Today’s announcement that the United Kingdom will not only be the first nation to collect information on who owns and controls the companies created in the UK, but that the information will be available to the public is truly groundbreaking.”
Holding Individuals Accountable and Deterring Money Laundering Act Would Address Anti-Money Laundering Deficiencies and “Too Big To Jail” Problem at American Banks; Bring U.S. in Line with International Standards
Incorporation Transparency and Law Enforcement Assistance Act Would Tackle Anonymous U.S. “Phantom Firms”
WASHINGTON, DC – Global Financial Integrity (GFI) welcomed the introduction late Wednesday night in the U.S. House of Representatives of two pieces of legislation aimed at stemming the flow of trillions of dollars in dirty money through the U.S. financial system. The Washington, DC-based research and advocacy organization noted that the two bills would bring the United States in line with certain 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.
World’s Largest Development Institution Urged to Tackle World’s Largest Development Challenge
World Bank Should Officially Call for Transparency in the Global Financial System, Shun Phantom Firms
WASHINGTON, DC – As central bank governors, finance ministers, and global leaders gather in Washington ahead of the annual meetings of the World Bank and International Monetary Fund (IMF) this weekend, Global Financial Integrity (GFI) calls on the World Bank to prioritize the issue of illicit financial flows from developing countries on its agenda.
E.J. Fagan, +1 202 293 0740 ext. 227
Senators Levin, Whitehouse, Begich, Shaheen Introduce Legislation to Close Offshore Tax Loopholes and Foster Transparency
WASHINGTON, DC – As congressional leaders weigh presenting an overhaul of the U.S. tax code, Senators Carl Levin (D-MI), Sheldon Whitehouse (D-RI), Mark Begich (D-AK), and Jeanne Shaheen (D-NH) introduced legislation Thursday to increase transparency in the financial system and close several offshore tax loopholes. While the Joint Committee on Taxation estimates the bill would generate roughly $220 billion in U.S. government revenue over ten years, Global Financial Integrity (GFI) particularly welcomed the Stop Tax Haven Abuse Act (STHAA) for its impact on developing nations, which lose nearly $1 trillion per year in illicit outflows of money due to tax haven secrecy.
Hosted by Rep. Maxine Waters, CBC Foundation Forum to Discuss Rethinking Mandatory Minimums for Drug Crimes and Targeting Money Laundering and Major Drug Traffickers
Opening Keynote Address to Be Delivered by U.S. Attorney General Eric Holder
EVENT ADVISORY
WASHINGTON, DC – Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity (GFI), is slated to appear on a panel Thursday afternoon at the Congressional Black Caucus Foundations’ Annual Legislative Conference, discussing the importance of refocusing U.S. law enforcement policies on targeting money laundering and major drug traffickers. Hosted by the Honorable Rep. Maxine Waters (D-CA), the panel discussion will follow opening remarks delivered by U.S. Attorney General Eric Holder.
E.J. Fagan, +1 202 293 0740 ext. 227
All G20 Countries Expect to Be Actively Exchanging Information Automatically by End of 2015
Promises to Aid Developing Counties with Implementation Welcome, but More Must be Done to Help World’s Poorest
G20 Fails to Tackle Anonymous Shell Companies
WASHINGTON, DC – The G20 leaders agreed today to begin sharing tax information automatically between themselves—expecting to be able to implement the agreement by the end of 2015—in a move hailed by Global Financial Integrity (GFI) as a major advancement in the fight against tax evasion. GFI welcomed the commitment by world leaders to assist low-income countries’ effort to additionally ensure their eventual participation in the automatic exchange of tax information. However, the Washington, DC-based research and advocacy group expressed disappointment in the G20 declaration’s omission of a timeframe to include developing countries in such a system.
