On Fourth Annual International Anti-Corruption Day, Global Financial Integrity Urges Legislative, Executive Action to Combat Corruption
WASHINGTON, DC – Today, as countries around the world observe International Anti-Corruption Day, Washington, DC-based research and advocacy organization Global Financial Integrity (GFI) calls upon the President and Congress to take a critical step against corrupt government officials by mandating that corruption be among the criteria used in compiling the annual State Department Country Report on Human Rights.
WASHINGTON, DC – Global Financial Integrity (GFI) welcomes the World Bank’s pending study on illicit financial flows out of developing countries and thanks the Norwegian government for its important contributions to this research. GFI has been the leading organization calling for such a study, most recently at a conference titled “Illicit Financial Flows: The Missing Link in Development” held on June 28.
One-Half Trillion Dollars in Illicit Funds Exit Developing World Annually, Research Shows
An Estimated $250 Billion Lands in the United States
WASHINGTON, DC – Global Financial Integrity (GFI) announced today that it will lead a nationwide campaign to limit the ability of U.S. financial institutions to accept illicit funds for deposit from overseas clients. An estimated $1 trillion, which are illegally earned, transferred or utilized, are spirited across borders annually. Of this, $500 billion exits developing economies and up to half that amount ends up in American banks or other dollar denominated accounts. “This outflow of capital from developing nations constitutes the most damaging economic condition hurting the poor today,” said GFI Director Raymond Baker.