Global Financial Integrity

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Press Releases

GFI Launches Nationwide Campaign to Curb Illicit Funds at U.S. Banks

Tom Cardamone

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.

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