WASHINGTON, DC – The Netherlands Ministry of Foreign Affairs is the newest member to join the Task Force on Financial Integrity and Economic Development as a member of the Task Force Partnership Panel, Global Financial Integrity (GFI) announced today.
Official Statement from GFI
WASHINGTON, DC – This time last year the German government was pursuing a campaign to obtain information on 900 of its citizens whose names appeared on a list of secret accounts at Liechtenstein’s LGT bank. Meanwhile, presidential hopeful and then-Senator Barack Obama was pledging to crackdown on tax havens and tax evaders if elected president. The world economy was still in one piece and the Dow was above 10,000.
Joint News Release from Global Financial Integrity and Global Witness
WASHINGTON, DC – Every year developing countries lose as much as $1 trillion due to illicit financial practices such as government corruption, tax evasion, and criminal activity. Today’s pledge from the G20 to increase funding for the IMF and for the developing world are laudable, but these efforts must also address illicit capital flight which remains the greatest impediment to economic development and poverty alleviation.
Not the Beginning of the End but, Perhaps, the End of the Beginning
WASHINGTON, DC – Contrary to UK Prime Minister Gordon Brown’s statement today that provisions in the G20 Communiqué denote the “start of the end” of tax havens, Global Financial Integrity (GFI) believes the Action Plan agreed to in London today “is more likely just the end of the beginning” of the effort to curtail the activities of jurisdictions that hide financial transactions behind a veil of secrecy.
WASHINGTON, DC – Global Financial Integrity (GFI) submitted a statement to the U.S. House of Representatives Committee on Ways and Means today on critical measures needed to ensure success in Congressional efforts to curtail abuse of tax havens. The statement, submitted for the hearing held today on “Banking Secrecy and Wealthy American Taxpayers,” recommends provisions set forward in the the Stop Tax Haven Abuse Act and Incorporation Transparency Act, both sponsored by Senator Carl Levin and introduced earlier this month.
WASHINGTON, DC – Global Financial Integrity (GFI) sent Congressional leadership a letter today signed by nearly 30 public interest groups affirming support for legislation that would combat offshore secrecy jurisdictions (Stop Tax Haven Abuse Act) and applauding Congressional action on the problem of tax haven abuse. Called the “Stop Tax Haven Abuse Act” the Levin bill would, among other benefits, give the Treasury Department “authority to take special measures against foreign jurisdictions and financial institutions that impede U.S. tax enforcement.” An estimated $100 billion in US taxes are lost each year due to the abuse of tax havens.
WASHINGTON, DC – Global Financial Integrity Director Raymond Baker released the following statement ahead of the upcoming G20 summit in London.
WASHINGTON, DC – The Government of Denmark is the newest member to join the Task Force on Financial Integrity and Economic Development, Global Financial Integrity announced this week.