Global Financial Integrity

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Press Releases

Sustainable Development Goals Adopted: Illicit Financial Flows Become Part of Development Equation

GFI Managing Director Tom Cardamone Available for Commentary in New York Washington, DC — Global Financial Integrity applauds the official adoption of the Sustainable Development Goals (SDGs) by the UN General Assembly today in New York. This...

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Top Ten Facts About the Sustainable Development Goals and Illicit Financial Flows

Christine Clough, PMP

GFI Managing Director Tom Cardamone Available for Commentary in New York Washington, DC — The scourge that illicit financial flows (IFFs) inflict upon poverty alleviation efforts has become well known and is addressed in the Sustainable Development...

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Illicit Financial Flows: Significant Impediment to Achieving Sustainable Development Goal #6 — Ensuring Healthy Lives

WASHINGTON, DC – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national health spending in many countries.  The IFF/Health Spending ratios provided below give an indication of the...

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Global Financial Integrity Releases Capstone Book on Illicit Financial Flows with Support from the Ford Foundation

Book to be launched at two-day conference on September 21 and 22 at the National Press Club in Washington, DC Russia’s illicit outflows were 8.3% of GDP (1994-2012); Illicit outflows from Mexico (1970-2012) and the Philippines (1960-2012)...

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Illicit Financial Flows Outpace Foreign Aid and Investment; Sustainable Development Goals Address Problem

Christine Clough, PMP

Action by United Nations “a Seismic Shift in Development Orthodoxy”   WASHINGTON, DC – Analysis of illicit financial flows (IFFs) by Global Financial Integrity (GFI) shows that in seven of the last ten years the global volume of...

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Nearly US$100 Billion Flowed Illegally through Myanmar from 1960 to 2013, Finds New GFI Report

Christine Clough, PMP

Illicit Outflows average 6.5% of Myanmar’s Official GDP; Technical Smuggling of Imports via Fraudulent Misinvoicing Accounts for 71.0% of Myanmar’s Illicit Inflows Underground Economy Averaged 55.1% of Country’s GDP; Drives and is Driven by Illicit Flows Tax...

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Illicit Financial Flows: Major Hurdle to Achieving Sustainable Development Goal #4 — Ensuring Quality Education

Christine Clough, PMP

Washington, DC, September 8, 2015 – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national education spending in many countries.  The IFF/Education Spending ratios (see below) give an indication of the problem some countries will face in achieving Sustainable Development Goals #4.  GFI President Raymond Baker said that the UN commitment to “substantially reduce” IFFs in target 16.4 “is a welcome advance in the fight to curtail the damage illicit flows inflict on children around the globe.”

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Illicit Financial Flows Growth Rate Soars : Sustainable Development Goals Aim to Tackle Problem

Christine Clough, PMP

SDG Target 16.4 Seeks to Curtail Illicit Flows to Aid Development

Action by United Nations considered “historic”

WASHINGTON, DC – Analysis of illicit financial flows (IFFs) by Global Financial Integrity (GFI) shows that over the period 2003-2012 the global volume of IFFs grew by more than nine percent annually (shown in the chart below).

In 2012 (the most recent year for which data are available), illicit flows were estimated at close to $1 trillion. In response to this unfettered surge in illicit capital leaving developing nations, the UN has endorsed target 16.4 in the Sustainable Development Goals (SDGs), which commits the global community to “significantly reduce” IFFs by 2030. This UN action “represents an historic moment in development policy given that it is the first time the international community has recognized the illicit flows problem and pledged to address it,” said GFI President Raymond Baker.

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