European Parliament Passes Landmark Transparency Provisions for Oil, Gas, Mining, and Logging Companies
Canadian PM Harper Announces Intent to Adopt Similar Policies for Canadian Firms
G8 Urged to Make Disclosure Global Norm at Next Week’s Summit; Expand Country-by-Country Reporting to Firms in All Sectors
WASHINGTON, DC – Global Financial Integrity (GFI) lauded the European Parliament today for adopting new transparency rules for all EU listed extractive industries companies as well as all large, privately held extractive industries companies incorporated in the EU. Announced informally by European leaders in April, the rules were officially adopted by the Parliament Wednesday in what GFI referred to as a major victory for anti-corruption proponents. Also on Wednesday, the Canadian government announced that it intended to move forward to enact similar rules, a move lauded by GFI, a Washington, DC-based research and advocacy organization.
UN High-Level Panel on the Post-2015 Development Agenda Makes Reducing Illicit Financial Flows and Tax Evasion an Explicit Anti-Poverty Goal
GFI Calls on G8 Leaders to Now Take Action at Northern Ireland Summit
WASHINGTON, DC – Global Financial Integrity (GFI) today praised the United Nations High-Level Panel (HLP) of Eminent Persons on the Post-2015 Development Agenda for making the curtailment of illicit financial flows and tax evasion an explicit goal of the global anti-poverty agenda following the expiration of the Millennium Development Goals in 2015. The report from the HLP, published late last week, follows the release of a new joint study by GFI and the African Development Bank which found illicit financial outflows drained roughly $1.3 trillion from Africa over the past thirty years, making the continent a net creditor to the rest of the world of up to $1.4 trillion.
E.J. Fagan, +1 202 293 0740 ext. 227
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.
E.J. Fagan, +1 202 293 0740 ext. 227
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.
E.J. Fagan, +1 202 293 0740 ext. 227
GFI Urges Them to Include Developing Countries for Truly Global Policies
WASHINGTON, DC – Global Financial Integrity (GFI) commended the European Council—the group of heads of government for all twenty-seven countries in the European Union— for the leadership it demonstrated in its May 22nd meeting on critical issues of financial transparency. The minutes of that meeting (PDF) show the following commitments, commitments that take us a significant step closer to achieving GFI’s goals of curtailing illicit financial flows:
E.J. Fagan, +1 202 293 0740 ext. 227
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.
Senate Ratification of Treaties Crucial to Stopping Tax Evaders, Continuing International Momentum for Automatic Exchange of Tax Information
International Business Groups Have Also Called on Paul to Resolve the Legal Uncertainty Caused by Delay
WASHINGTON, DC – Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, urged Senator Rand Paul (R-KY) today to allow the U.S. Senate to vote on treaties negotiated by the U.S. with Switzerland, Luxembourg, Hungary, and other countries to implement the Foreign Account Tax Compliance Act (FATCA), ferreting out U.S. tax evaders. Senate rules allow any Senator to place a “hold” on legislation removing it from consideration, and Sen. Paul has placed holds on bills to implement every tax treaty negotiated since his election in 2010.
Bipartisan Study Features GFI Research, Endorses Eliminating Phantom Firms
Senate Drug Caucus Report Quotes GFI’s Heather Lowe, Highlight’s GFI’s Research on Trade-Based Money Laundering
WASHINGTON, DC / LONDON – A bipartisan Congressional report published Thursday by the U.S. Senate Caucus on International Narcotics Control (Senate Drug Caucus) emphasizes cracking down on money laundering as key to curtailing the illicit drug trade. Quoting heavily from Global Financial Integrity (GFI) experts and research, the study endorses eliminating anonymous U.S. shell companies through the passage of the bipartisan Incorporation Transparency and Law Enforcement Assistance Act, bolstering enforcement of existing anti-money laundering (AML) policies, and strengthening anti-money laundering laws through passage of the bipartisan Combating Money Laundering, Terrorist Financing and Counterfeiting Act.
