Global Financial Integrity

Zambia Lost $8.8 Billion in Illicit Outflows from 2001-2010, According to Forthcoming Report

Clark Gascoigne, +1 202 293 0740 ext. 222

Capital Flight Fueling Poverty In One of the World’s Poorest Nations, Writes GFI Economist

WASHINGTON DC – Illicit financial flows due to crime, corruption, and tax evasion cost Zambia $8.8 billion from 2001-2010, finds a forthcoming report from Global Financial Integrity (GFI).

Ahead of Anti-Corruption Day, GFI Reviews the Major Developments of 2012

Clark Gascoigne, +1 202 293 0740 ext. 222

WASHINGTON, DC – As the world observes International Anti-Corruption Day this Sunday, December 9, 2012, Global Financial Integrity highlighted some of the most notable achievements, developments, and short-comings in the fight against corruption over the past year.

Global Financial Integrity Calls for Tough Sanctions on HSBC by Regulators

Clark Gascoigne, +1 202 293 0740 ext. 222

Deferred Prosecution Agreement Could Be A “Get-Out-Of-Jail-Free Card”

WASHINGTON DC – Global Financial Integrity today called for regulators to follow-through with prosecutions for any illegal anti-money laundering lapses at HSBC Holdings Plc.

Civil Society Organizations Welcome Justice Department and SEC’s Anti-Corruption Guidance

Clark Gascoigne, +1 202 293 0740 ext. 222

Guidance Should Satisfy Critics of Government Anti-Bribery Prosecutions

WASHINGTON, DC – Civil society organizations welcomed today’s release of the Department of Justice (DOJ) and Securities and Exchange Commission’s (SEC) new guidance for businesses on the Foreign Corrupt Practices Act (FCPA), the U.S. law that makes it illegal to bribe foreign officials.  The FCPA creates a strong and effective mechanism to fight financial fraud and corruption, which impede economic growth and raise the costs of doing business internationally.

Civil Society Welcomes U.S. Anti-Money Laundering Review

Clark Gascoigne, +1 202 293 0740 ext. 222

Coalition of NGOs Urges Treasury to Address Beneficial Ownership Issues, Expand List of Predicate Offenses, Require Enhanced Due Diligence for All PEPs

Transparency Groups Originally Requested AML Review in September 2011

“Enforcement Must Be a Priority”

WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition¹ welcomed news that the U.S. Department of the Treasury will be leading a government task force to review the nation’s antiquated anti-money laundering (AML) regulations.  The FACT Coalition—an alliance of more than 60 prominent anti-corruption, transparency, small business, and global development groups—originally called on the Treasury Department in September 2011 to undertake such a review.

GFI Applauds Treasury for Work Expanding FATCA toward Automatic Tax Information Exchange

Clark Gascoigne, +1 202 293 0740 ext. 222

U.S. Treasury Department Now Working with Over 50 Jurisdictions Globally to Fight Tax Evasion

WASHINGTON, DC – Global Financial Integrity today applauded the U.S. Department of the Treasury for working with over fifty jurisdictions to establish agreements enabling the bilateral automatic exchange of tax information as part of the implementation of the Foreign Account Tax Compliance Act (FATCA).

GFI Lauds SEC for Denying Stay Request from Oil Lobby Groups

Clark Gascoigne, +1 202 293 0740 ext. 222

Key Oil, Gas, and Mining Industry Transparency Rules Will Not Be Delayed by Pending Litigation

WASHINGTON DC – Global Financial Integrity (GFI) applauded the Securities and Exchange Commission (SEC) today for denying the request (PDF) of industry groups to stay key oil, gas, and mining transparency rules pending a lawsuit.

Chinese Economy Lost $3.79 Trillion in Illicit Financial Outflows Since 2000, Reveals New GFI Report

Clark Gascoigne, +1 202 293 0740 ext. 222

Fraudulent Mispricing of Trade Accounted for $3.20 Trillion in Illicit Outflows from 2000-2011

Serious Ramifications for “Social and Political Stability”

WASHINGTON, DC – The Chinese economy hemorrhaged US$3.79 trillion in illicit financial outflows from 2000 through 2011, according to a new report [PDF] released today by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization.   Amidst increased domestic concern over inequality and corruption, GFI’s study raises serious questions about the stability of the Chinese economy merely two weeks before the once-in-a-decade leadership transition.