Offshore Clearinghouse is Systemic Product of a Lack of Transparency; Senate Leadership Decision to Prevent Vote on Amendment is Troubling
WASHINGTON, DC – The fate of a crucial element of financial reform efforts, an amendment proposed to the Financial Stability Reform Act by Senators Carl Levin ((D-MI) and Jeff Merkley (D-OR) is in limbo ahead of a cloture vote scheduled to take place on the Senate floor later today. The proposed amendment-which will reportedly be prevented from receiving a vote on the Senate floor-will ban banks from proprietary trading, and its omission from the financial reform bill would set back critical efforts to increase transparency in offshore financial markets, said Global Financial Integrity today.
New Report from Global Financial Integrity Tracks Hundreds of Billions in Illicit Finances to Points of Deposit
WASHINGTON, DC—A report released today from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion are being deposited.
$160 billion lost to illegal capital flight in the last decade, according to analysis from Global Financial Integrity
WASHINGTON, DC—Global Financial Integrity lead economist, Dev Kar, has prepared an analysis on the Greek financial crisis for the blog of the Task Force on Financial Integrity & Economic Development in which he looks at the role illicit financial flows— Greece lost an estimated US$160 billion in unrecorded transfers through its balance of payments in the last decade—played leading up to the current financial crisis.
Global Financial Integrity
Global Financial Integrity Circulating Petition Demanding Financial Transparency
Washington, DC — As the Group of Twenty (G20) finance ministers meets tomorrow in Washington, Global Financial Integrity (GFI) urges leaders to acknowledge the devastating link between illicit financial flows from developing countries, secrecy jurisdictions (tax havens), and global poverty.
WASHINGTON, DC — Global Financial Integrity (GFI) is pleased to announce that former New York County District Attorney Robert Morgenthau has agreed to serve on the GFI Advisory Board. Mr. Morgenthau’s Advisory Board membership builds upon earlier collaborations with GFI on projects and efforts related to illicit financial practices, the most recent of which was a briefing last September on the national security risks inherent to growing diplomatic and financial ties between Iran and Venezuela.
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.
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.
Global Financial Integrity
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.
