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.
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).
Global Financial Integrity
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).
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.
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.
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.
WASHINGTON, DC — A new audit program developed by Chile’s tax authority to detect “differences in inter-company transactions” of Chilean multinational corporations is a crucial step towards more effective regulation of a practice often utilized by multinationals to evade taxes, said Global Financial Integrity (GFI) Wednesday.