New Legislation would close offshore tax loopholes, increase financial transparency and accountability
WASHINGTON, DC – Senator Carl Levin introduced the “Stop Tax Haven Abuse Act” today, taking aim at offshore tax haven abuses which cost approximately $100 billion in lost tax revenue per year. The bill contains an array of provisions which would permanently close offshore tax loopholes, raise revenue, and increase transparency and accountability for multinational businesses. The bill is cosponsored by Senators Bill Nelson, Sanders, Shaheen, and Whitehouse, and is supported by business leaders and public interest groups including Global Financial Integrity.
New Government Initiative Will Focus on Promoting Transparency and Fighting Corruption
WASHINGTON, DC – Global Financial Integrity’s Director of Government Affairs and Legal Counsel, Heather Lowe, will participate in a high-level meeting of governments and civil society at the U.S. Department of State on Tuesday, July 12, at which U.S. Secretary of State Hillary Rodham Clinton and Brazilian Foreign Minister Antonio Patriota will launch the Open Government Partnership (OGP). The Open Government Partnership is a new, multilateral initiative that aims to secure concrete commitments from governments to promote transparency, empower citizens, fight corruption, and harness new technologies to strengthen governance.
As UK Bribery Act Goes Into Effect, Challenges To US Anti-Corruption Law Remain
WASHINGTON, DC – After nearly a year of delays, the UK Bribery Act went into effect on July 1st. The act mandates stiff penalties, including up to 10 years in jail, for bribes paid by any business with a UK presence. In an ironic twist, while the UK Act is being touted as an extension to its cross-Atlantic counterpart, the U.S. Foreign Corrupt Practices Act (FCPA), anti-bribery proponents charge that the FCPA is under attack.
Investigative piece sheds light on lax US incorporation practices
CHEYENNE/ATLANTA – An investigative piece published by Reuters today, “A little house of secrets on the Great Plains” looks at the lax incorporation requirements of US states with a focus on Wyoming Corporate Services, “a business-incorporation specialist that establishes firms which can be used as ‘shell’ companies, paper entities able to hide assets.” The “little house” in this case, is a 1,700-square-foot brick house in holds more than 2,000 registered companies.
Global Financial Integrity
Raymond Baker will meet with high-level government officials, civil society organizations, journalists
NEW DELHI, India; Global Financial Integrity (GFI) Director Raymond Baker will travel to India this week for meetings with government officials, journalists, and civil society organizations. Mr. Baker will also deliver remarks at a press conference Friday afternoon.
House Judiciary to Hold Hearing on Changes to Key Anti-Bribery, Corruption Law
WASHINGTON, DC – The House Judiciary Committee will convene a hearing tomorrow to consider whether to amend the Foreign Corrupt Practices Act (FCPA), the nation’s flagship anti-corruption legislation. Among other things, the hearing will specifically consider amendments proposed to the act by the U.S. Chamber Institute for Legal Reform, an affiliate of the U.S. Chamber of Commerce, which FCPA-proponents charge will significantly weaken the anti-corruption legislation and undermine efforts to tackle corruption and illicit financial practices abroad.
Global Financial Integrity
Gathering of Influential Tax Professionals Examines Tackling Illicit Financial Flows, Corruption, Tax Evasion, and Tax Avoidance
WASHINGTON, DC – The 2011 OECD International Tax Conference taking place today is expected to include dialogue on tax and development with a focus on two key issues: the impact of illicit financial outflows on developing countries and country-by-country reporting.
Global Financial Integrity
Current OECD Standard Falls Short, Says Global Financial Integrity
WASHINGTON, DC – As the Organization for Economic Cooperation and Development (OECD) convenes its third meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Bermuda today, addressing deficiencies in the current OECD standard of tax information exchange is crucial, said Global Financial Integrity (GFI).
