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.
British PM Endorses Public Registries of Company Ownership to “Break through the Walls of Corporate Secrecy”
France, Germany Also Call for Meaningful End to Anonymous Shell Companies
GFI Urges G8, U.S., EU to Follow Suit
WASHINGTON, DC / LONDON – In a major victory for transparency advocates, British Prime Minister David Cameron called on members of the G8 and the European Union Wednesday to “break through the walls of corporate secrecy” that facilitates tax dodging, money laundering, and corruption—endorsing the disclosure of beneficial ownership information in central public registries. Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, lauded the statements by Mr. Cameron—included in a letter sent Wednesday to Herman Van Rompuy, President of the European Council—and the organization encouraged the United States, EU, and G8 to follow suit.
Fraudulent Trade Misinvoicing Drained US$9.54 Billion in Illicit Money from Argentina from 2001-2010
Trade-Based Money Laundering Technique Siphoned US$4.69 Trillion from Poor Countries between 2001-2010; Facilitates Sex Slavery, Terrorism, Tax Evasion
WASHINGTON, DC – As the U.S. Department of Justice announced today that Ralph Lauren Corporation (Ralph Lauren) utilized fraudulent misinvoicing tactics to funnel bribes to Argentinean customs officials over the course of five years, Global Financial Integrity (GFI) noted that trade misinvoicing drained US$9.54 billion from the Argentinean economy between 2001 and 2010. The deliberate misinvoicing of trade documents is used to launder all types of illicit money, and it costs the developing world roughly US$4.69 trillion in illicit financial outflows from 2001 through 2010, according research by GFI, a Washington, DC-based research and advocacy organization.
G20 Says Automatic Tax Information Exchange “Expected to Be the Standard”
Finance Ministers Fail to Adequately Address Anonymous Shell Companies
WASHINGTON, DC – Global Financial Integrity (GFI) lauded G20 Finance Ministers and Central Bank Governors Friday for prominently focusing on the issue of tax haven secrecy and strongly declaring that automatic exchange of tax information is “expected to be the standard” moving forward, but GFI expressed disappointment in the leaders’ failure to sufficiently address the issue of anonymous shell companies. The leaders released their communiqué Friday afternoon after two days of meetings in Washington ahead of the annual spring meetings of the World Bank and International Monetary Fund.
On U.S. Tax Day, Rep. Lloyd Doggett (D-TX) Introduces Legislation to Close Offshore Tax Loopholes and Foster Transparency
5 More European Nations Join Compact to Automatically Exchange Tax Information Multilaterally
WASHINGTON, DC – As the deadline arrived Monday for Americans to file their tax returns, U.S. Rep. Lloyd Doggett (D-TX) introduced the Stop Tax Haven Abuse Act (STHA) to initiate transparency measures and close several offshore tax loopholes that cost the United States Treasury an estimated $150 billion every year. Beyond boosting tax revenue in the U.S., Global Financial Integrity (GFI) praised the legislation for its impact on developing nations, which lose an estimated $1 trillion per year in illicit outflows of money due to tax haven secrecy.
Governments of France, Germany, Italy, Spain, and the UK Agree to Automatically Exchange Tax Information Multilaterally
GFI Urges Rapid Expansion to Include Developing Countries in the Landmark Multilateral Convention
WASHINGTON, DC – Global Financial Integrity (GFI) applauded the governments of France, Germany, Italy, Spain, and the United Kingdom today for announcing that they will be launching the first ever multilateral system of automatic tax information exchange. The Washington, DC-based research and advocacy group hailed the news as a landmark moment for taxpayers and transparency advocates with enormous implications for global development.
Historic EU Transparency Rules Would Build Upon Landmark Cardin-Lugar Provisions to Include Logging Companies and Large, Privately-Owned Firms
WASHINGTON, DC – Global Financial Integrity (GFI) lauded European leaders today for agreeing to adopt historic transparency rules for European companies operating in the extractive sectors. The rules, announced this evening in Brussels, will require large, privately-owned European companies and EU-listed firms operating in the oil, gas, mining, and logging sectors to disclose information on payments made to governments.
