Global Financial Integrity

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Press Releases

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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GFI Applauds Mbeki Statements on Illicit Financial Flows at FfD3

Christine Clough, PMP

Former President Continued Call on Africa’s and World’s Leaders to Prioritize Financial Transparency

WASHINGTON, DC – Global Financial Integrity (GFI) welcomes the statements made yesterday by former South African President Thabo Mbeki on illicit financial flows at the third Financing for Development Conference. At an event in Addis Ababa, Ethiopia, Mbeki noted that in order to address the issue of illicit flows “there needs to be a concerted and sustained campaign around the world.” “The principle challenge we face” he said, “is one of implementation.” He expressed optimism about the impact the Financing for Development conference will have on illicit flows noting that there is “a common commitment” to address the problem “at a global level and at a national level.”

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UN Member States Pledge To Address Illicit Flows

Christine Clough, PMP

Governments Commit to “Substantially Reduce Illicit Financial Flows by 2030”

Development Accord Seeks to Curb an Estimated $1 Trillion in Annual Outflows

ADDIS ABABA, Ethiopia – Global Financial Integrity (GFI), the Africa Progress Panel (APP) and Jubilee USA applauded the global commitment made today at the Third Financing for Development Conference (FfD3) to reduce the massive flow of illicit funds from developing country economies. For the first time international consensus was reached on the importance of an issue that has been at the forefront of efforts by hundreds of research and development organizations for the last ten years. The negotiations concluded today and formal adoption of the document will take place on Thursday.

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New Program to Address Damage of IFFs by Supporting Developing Governments in Fighting Trade Misinvoicing

Christine Clough, PMP

Initiative Funded by the Government of Norway

WASHINGTON, DC – Global Financial Integrity (GFI) is pleased to announce the launch of a new program that seeks to assist developing country governments with increasing domestic resource capture by curtailing trade misinvoicing, and continuing work to educate policy makers about the corrosive impact illicit financial flows have on developing economies.

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Governments Should Seize Historic Opportunity at Addis Ababa Conference to Help Developing Countries Mobilize Trillions of Dollars in Domestic Resources by 2030

Christine Clough, PMP

GFI Spokespersons Available for Comment and Updates on Financing for Development (FfD), Sustainable Development Goals (SDGs), Illicit Financial Flows, Trade Misinvoicing

ADDIS ABABA, Ethiopia / WASHINGTON, DC – The third Financing for Development Conference (FfD) will take place in Addis Ababa, Ethiopia, July 13-16, and Global Financial Integrity will be on the ground advocating for specific, measurable and achievable targets to significantly reduce illicit financial flows.

This process marks a momentous opportunity to create a sustained path for helping developing countries address the nearly US$1 trillion that flows out of their economies illicitly each year. Of that amount approximately $730 billion is moved offshore through trade misinvoicing (i.e. trade fraud). The related tax loss, coupled with the potential investment resources that are lost, represent significant costs to governance and development efforts in poor countries.

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Despite Cameron’s Efforts, G7 Fails to Make Progress on Illicit Financial Flows

Clark Gascoigne, +1 202 293 0740 ext. 222

G7 Communiqué Ignores Illicit Flows in the Context of the Post-2015 Development Agenda

World Leaders Urged to Target Illicit Flows, Trade Misinvoicing at FfD Conference

WASHINGTON, DC – Global Financial Integrity (GFI) expressed disappointment in world leaders Monday for failing to advance efforts to curtail illicit financial flows—particularly in the context of the Post-2015 Development Agenda. The G7 failure comes despite a new GFI study released on Wednesday showing the outsized-impact that illicit financial flows (IFFs) have on the poorest countries in the world, and notwithstanding a Friday pledge by UK Prime Minister David Cameron to put corruption on the agenda of the G7 Summit, which concluded today in Germany.

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New Study: Illicit Outflows Correlate to Higher Poverty and Inequality, Lower Human Development

Clark Gascoigne, +1 202 293 0740 ext. 222

Illicit Financial Flows Have “Outsized Impact on Poorest Countries”

FfD Negotiators Urged to Target Illicit Financial Flows and Trade Misinvoicing

WASHINGTON, DC – Illicit financial flows (IFFs), stemming from crime, corruption, and tax evasion, have an outsized impact on the world’s poorest countries, according to a new study released today by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. Titled “Illicit Financial Flows and Development Indices: 2008–2012,” the report also finds strong correlations between higher illicit outflows and higher levels of poverty and economic inequality.

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Johannesburg Conference Links Human Rights and Financial Transparency in Africa

Clark Gascoigne, +1 202 293 0740 ext. 222

Illicit Financial Flows “Greatly Aggravate Poverty and Oppression in Many Developing Countries”

GFI Estimates Illicit Outflows Drain 5.5% of GDP from Sub-Saharan Africa Annually

JOHANNESBURG, South Africa – International and African experts on human rights and illicit financial flows are convening in Johannesburg, South Africa this week for a multi-day conference on the linkages between financial transparency and human rights in Africa.

Hosted by Global Financial Integrity (GFI)—in partnership with the Friedrich-Ebert-Stiftung (FES) and the International Bar Association’s Human Rights Institute (IBAHRI)—the event builds upon the New Haven Declaration on Human Rights and Financial Integrity (New Haven Declaration), which recognized that “human rights and international financial integrity are intimately linked.”

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