E.J. Fagan, +1 202 293 0740 ext. 227
Following Several, Recent, High-Profile Cases Against International Banks for Violating U.S. Sanctions Against Iran, the Iranian Rial Lost 60% of its Value against the U.S. Dollar Last Week. Could There Be A Connection?
WASHINGTON, DC – The Iranian Rial tanked last week—plummeting 60% against the U.S. Dollar and triggering widespread domestic unrest—conspicuously in the wake of several, recent, high-profile legal actions against international banks for circumventing U.S. sanctions against Iran. In a new blog post on the website of the Task Force on Financial Integrity & Economic Development, Global Financial Integrity (GFI) spokesman EJ Fagan suggests the two are likely connected.
Panel of Experts to Discuss the New Book and the link between Illicit Financial Flows, Corruption, Global Security
WASHINGTON DC – This Thursday, October 4, Global Financial Integrity will host the first official launch event for the new book, Waging War on Corruption: Inside the Movement Fighting the Abuse of Power, by Transparency International co-founder Frank Vogl.
Nearly US$200 Billion in Illicit Inflows to Greece from 2010-2011, fueling 2nd Largest Underground Economy in the OECD, GFI Director Tells German Magazine
From 2003-2011, Collective Illicit Financial Flows into and out of Greece Total US$509 Billion
WASHINGTON, DC – The Greek economy lost US$261 billion to crime, corruption, and tax evasion from 2003-2011, Global Financial Integrity (GFI) Director Raymond Baker told Der Spiegel in an exclusive interview (English version here) published yesterday in the German news magazine. Interestingly, while Greece experienced heavy illicit outflows for 6 of the first 7 years in that time series, Greece experienced massive inflows of illicit money in 2010 and 2011.
GFI Welcomes SEC Vote on Historic Dodd-Frank 1504 Allowing Measure to Take Effect
WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) today voted to adopt implementing rules for Section 1504 of the legislation, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments. The release of the rules enables Section 1504 to finally take effect, and the effected companies will shortly need to begin reporting as required by law.
Dodd-Frank Sec. 1504 a Historic Measure for Stability, Accountability, Transparency
Vote will Enable Provision to Take Effect
WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) is scheduled to vote tomorrow morning, August 22, 2012, on implementing regulations for Section 1504 of the bill, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments on a project-by-project basis. The release of the regulations will enable Section 1504 to take effect, and the effected companies will shortly need to begin reporting as required by law.
WASHINGTON, DC – A letter published yesterday by two influential U.S. Congressmen suggests that Wal-Mart de Mexico (Walmex), the Mexican subsidiary of U.S. retailer Wal-Mart Stores Inc., which recently came under fire for possible violations of the Foreign Corrupt Practices Act, may have been engaged in money laundering and tax evasion in Mexico.
WASHINGTON, DC – In response to news today that British bank Standard Chartered PLC settled money laundering allegations with New York regulators by agreeing to pay $340 million in fines and submitting to monitoring, Heather Lowe, legal counsel and director of Government Affairs at Global Financial Integrity, released the following statement:
Bankers Should Be Held Responsible for their Actions –GFI
WASHINGTON, DC – The allegations levied yesterday by the New York State Department of Financial Services against British banking giant Standard Chartered demonstrate a systemic, widespread pattern of disregard for anti-money laundering policies at one of the world’s biggest banks, according to Global Financial Integrity, a Washington, DC-based research and advocacy organization.
