Global Financial Integrity

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Press Releases

$854 Billion Removed from Africa by Illicit Financial Flows from 1970 to 2008

Monique Perry Danziger, +1 202 293 0740 ext. 222

Hundreds of billions that could have been used for poverty alleviation and economic development lost, finds new report from Global Financial Integrity

WASHINGTON, DC – Africa lost $854 billion in illicit financial outflows from 1970 through 2008, according to a new report to be released today from Global Financial Integrity (GFI).  Illicit Financial Flows from Africa: Hidden Resource for Development debuts new estimates for volume and patterns of illicit financial outflows from Africa, building upon GFI’s ground-breaking 2009 report, Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that developing countries were losing as much as $1 trillion every year in illicit outflows. The new Africa illicit flows report is expected to feature prominently at the 3rd Annual Conference of African finance ministers in Malawi, which is currently underway.

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Report Finds US, UK, Cayman Lead Secrecy Jurisdictions as Top Locales for Private Deposits Offshore

Monique Perry Danziger, +1 202 293 0740 ext. 222

WASHINGTON, DC – A new report released today from Global Financial Integrity (GFI) on private, non-resident deposits in secrecy jurisdictions finds that the United States, United Kingdom, and the Cayman Islands are the most popular destinations for financial deposits by non-residents. Switzerland, Luxembourg, and Hong Kong also make the top 10 list of destinations.

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Passage of Jobs Bill with FATCA Provision Critical Step Toward Tackling Tax Evasion, Banking Secrecy

Monique Perry Danziger, +1 202 293 0740 ext. 222
Global Financial Integrity
Monique Perry Danziger, +1 202 293 0740 ext. 222

Washington, DC – The Senate’s passage Wednesday of legislation requiring increased reporting and withholding by offshore financial centers marks a significant step forward in efforts to combat US tax evasion and banking secrecy, said Global Financial Integrity.  The measures, part of the Foreign Account Tax Compliance Act (FATCA) subtitle of the Hiring Incentives to Restore Employment (HIRE) Act—which went to the President for his signature yesterday—are also predicted to generate $8.7 billion over 10 years.

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New Report Finds Developing Country Governments Lose $100 Billion Annually Due to Trade Mispricing

Monique Perry Danziger, +1 202 293 0740 ext. 222

Washington, DC — Developing country treasuries are losing approximately $100 billion dollars every year due to trade mispricing, according to a new report available today from Global Financial Integrity (GFI).

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UK Plan to Fight Tax Evasion in Developing Countries Could Prevent Loss of $1 Trillion in IFFs

Monique Perry Danziger, +1 202 293 0740 ext. 222
Global Financial Integrity
Monique Perry Danziger, +1 202 293 0740 ext. 222

WASHINGTON, DC – The UK’s proposal to tackle tax evasion in developing countries by instituting multilateral tax information exchange agreements and requiring multinational corporations to provide country-by-country reporting of profits and revenue could help prevent the loss of as much as $1 trillion from developing countries every year, says Global Financial Integrity (GFI).

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GFI Launches “G20 Transparency” Campaign Calling on World Leaders to Fight Poverty

Monique Perry Danziger, +1 202 293 0740 ext. 222
Clark Gascoigne, +1 202 293 0740 ext. 222

WASHINGTON, DC – Global Financial Integrity (GFI) launched its “G20 Transparency” campaign today, an international grassroots sign-on drive to collect 100,000 signatures on a petition calling for greater transparency in the global financial system.  The petition will be delivered to Canadian Prime Minister Stephen Harper prior to the G20 meeting in Toronto at the end of June.

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EURODAD Joins Task Force on Financial Integrity & Economic Development

Monique Perry Danziger, +1 202 293 0740 ext. 222

WASHINGTON, DC — The European Network on Debt and Development (EURODAD), comprised of 59 non-governmental organizations (NGOs) from 18 European countries working on debt, development finance, and poverty reduction, has joined the Task Force on Financial Integrity and Economic Development, Global Financial Integrity (GFI) announced today.

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GFI Releases “New Haven Declaration” as a Step Forward in the Fight For Human Rights

Monique Perry Danziger, +1 202 293 0740 ext. 222

WASHINGTON, DC — Global Financial Integrity (GFI) released today a statement-dubbed the New Haven Declaration-which debuts a new partnership between humans rights and financial transparency advocacy groups. Today’s announcement follows a meeting of prominent human rights and financial transparency organizations at Yale University in early December, 2009. The groups discussed the link between illicit financial practices, secrecy in global finance and their adverse impact on human rights.

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