Global Financial Integrity

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Press Releases

New Massive Leak of Secret Documents from Bermudian Offshore Law Firm Reveals Tax Abuses and Corruption by Companies and the Global Elite

Leaked documents from Bermuda-based global offshore law firm Appleby—“Paradise Papers”—revealed today by the International Consortium of Investigative Journalists (ICIJ) bring to light again the global shadow financial system for the rich and powerful of the world. GFI Calls on Governments to Collect and Publish Beneficial Ownership Information for Accounts to Limit Future Abuses like those in the Paradise and Panama Papers Leaks.

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Global Financial Integrity Joins Addis Tax Initiative as Supporting Organization

Tom Cardamone

The Addis Tax Initiative (ATI) this month invited Global Financial Integrity (GFI) as the first Supporting Organization to be added since the initiative was launched in July 2015. GFI joins the World Bank, the International Monetary Fund, and the Bill & Melinda Gates Foundation in this role.

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GFI Welcomes Introduction of Bipartisan Bills to End Anonymous Companies in the U.S.

Legislators in the U.S. introduce bi-partisans bills in the Senate and House to end the establishment of anonymous companies in the United States, which is crucial for anti-money laundering.

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GFI’s Heather Lowe to Testify before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit Hearing on the U.S. BSA/AML Regulatory Compliance Regime

Heather Lowe, +1 202 293 0740 ext. 228

Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify before the House Financial Services Financial Institutions and Consumer Credit Subcommittee Hearing during a public hearing entitled “Examining the BSA/AML Regulatory Compliance Regime” on Wednesday.

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New Study: Illicit Financial Flows in Developing Countries Large and Persistent

Christine Clough, PMP

Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$1 trillion in 2014, according to a study released today by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The report pegs illicit financial outflows at 4.2-6.6 percent of developing country total trade in 2014, the last year for which comprehensive data are available.

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House and Senate Bills Seek to Address Tax Evasion by Multinationals in the U.S. and Abroad

At a time when Members of Congress need more data to inform their important deliberations on effective tax policy reform, two bills introduced this week in the House and the Senate seek to provide lawmakers with previously unreported data from multinational corporations, often referred to as “country-by-country reporting” information.

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Transnational Crime is a $1.6 trillion to $2.2 trillion Annual “Business”, Finds New GFI Report

Christine Clough, PMP, +1 202 293 0740 ext. 231

Globally the business of transnational crime is valued at an average of $1.6 trillion to $2.2 trillion annually, according to a new report released by Global Financial Integrity (GFI), a Washington DC-based research and advisory organization. Titled “Transnational Crime and the Developing World,” the study highlights that the combination of high profits and low risks for perpetrators of transnational crime and the support of a global shadow financial system perpetuate and drive these abuses.

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Civil Society Experts Issue Accelerated Agenda for Addressing Illicit Financial Flows in Africa

As national leaders meet at the African Union Summit in Addis Ababa this week, a group of civil society experts has issued a set of recommendations to address illicit financial flows (IFFs), an issue of critical importance to regional development. Titled Accelerating the IFF Agenda for African Countries (the Accelerated IFF Agenda), the purpose of the document is to highlight for African leaders fourteen steps that can be taken to jumpstart efforts to address IFFs. Among the recommendations are suggestions to establish a multi-agency approach to fight IFFs, to collect information to identify corporate ownership, and certain tax-related measures.

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