Global Financial Integrity
Patents Part of a Larger Industry that Enables Tax Evasion, Banking Secrecy
WASHINGTON, DC – Global Financial Integrity (GFI) joined a coalition of professional and civil society organizations calling upon the Senate Judiciary Committee to support a provision in S. 23, The Patent Reform Act of 2011, which will eliminate tax strategy patents today.
Global Financial Integrity
Illicit Capital Flight from Middle East and North Africa (MENA) Region Outpacing Rest of Developing World
WASHINGTON, DC – Egypt is losing more than US$6 billion per year—US$57.2 billion in total from 2000 to 2008— to illicit financial activities and official government corruption, writes Global Financial Integrity (GFI) economist, Karly Curcio, in a new weblog published today at www.financial taskforce.org. The piece “Egypt too? There Goes the Neighborhood” uses numbers from GFI’s recently released report, “Illicit Financial Flows from Developing Countries: 2000-2009.” The report, authored by GFI Lead Economist Dev Kar and Ms. Curcio, lists illicit capital flight numbers for all developing countries from 2000-2008, including Egypt.
Country Loses Over US$50 Billion Per Year; Second Highest Illicit Financial Outflows in Developing World
WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” released this week shows that Russia has the second highest measured illicit outflows out of the developing world–US$427 billion from 2000-2008, an average of US$53 billion per year.
Developing Countries Lost Roughly $6.5 Trillion in Illicit Financial Outflows from 2000 through 2008, $2.18 Trillion From China Alone
WASHINGTON, DC – Global Financial Integrity (GFI) released its annual analysis of the cost of crime, corruption, and trade mispricing on developing countries today. The report, “Illicit Financial Flows from Developing Countries: 2000-2009,” finds that approximately US$6.5 trillion was removed from the developing world from 2000 through 2008. The report also examines illicit flows from Asia, which produced the largest portion of total outflows, and makes projections for 2009. (Full report 3.35 MB, Tip Sheet 172KB).
New Global Financial Integrity Report on Illicit Financial Flows out of the Developing World to Be Released Tuesday, January 18th
WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” includes data on Tunisia, which GFI estimates is losing more than a billion U.S. dollars per year to illicit financial activities and official government corruption.
Global Financial Integrity
New Haven Declaration on Corporate Financial Transparency Brings Together Unique Coalition of Asset Management Firms and Civil Society Organizations
WASHINGTON, DC – A unique coalition of asset management firms and civil society organizations issued a statement today committing to call on governments and relevant multilateral institutions to establish a country-by-country financial reporting standard for multinational corporations. The “New Haven Declaration on Corporate Financial Transparency” establishes links between corporate accountability, business practices, and economic development and poverty alleviation. New Haven statement signatories include groups like Trillium Asset Management and Wealth for the Common Good and represent $20 billion in combined assets under management.
New Blog Post Reveals Mexican Economy Lost US$462 billion between 2000 and 2008
WASHINGTON, DC – As drug violence in Mexico spirals out of control, a new blog post published today on the website of the Task Force on Financial Integrity & Economic Development reveals that the Mexican economy is losing over US$50 billion per year in illicit financial outflows. Citing data from GFI’s forthcoming report, Illicit Financial Flows from Developing Countries: 2000-2009, Global Financial Integrity Economist Karly Curcio states that, between 2000 and 2008, total illicit financial outflows from Mexico totaled US$462 billion.
WASHINGTON, DC — Global Financial Integrity (GFI) marks the passing of George Vojta, a distinguished and luminary figure in the financial world. GFI director, Raymond Baker, issued the following statement following the news of Mr. Vojta’s passing:
