Today Global Financial Integrity (GFI) launches its new database tool—GFTrade—with real-time price analyses to measure trade misinvoicing risks for 80,000 goods categories. Trade misinvoicing accounts for hundreds of billions in illicit financial flows from developing countries, and in curtailing these outflows, GFTrade would generate millions of dollars in additional domestic revenue.
As the Convention on International Trade in Endangered Species of Wild Fauna and Flore (CITES) gathers in Johannesburg for its 17th Conference of the Parties, Global Financial Integrity (GFI) releases new estimates on the link between wildlife trafficking and the global shadow financial system. From a forthcoming report, to be published in November 2016, GFI finds that wildlife trafficking generates an estimated US$5 to $23 billion in revenues each year.
Heather Lowe, +1 202 293 0740 ext. 228
“Today, neither legislators nor investors have any reliable information about multinationals’ profit shifting practices apart from the result of them—less revenue in the U.S. treasury and greater risk of enforcement actions worth billions of dollars,” commented Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity.
Call follows alarm over range of threats to investments from anonymous company owners ** Read the full letter to the Senate HERE and House HERE ** Washington, DC — Today global investors managing over $740 billion in assets are calling for the...
Heather Lowe, +1 202 293 0740 ext. 228
Today the U.S. Treasury and the Internal Revenue Service (IRS) published a rule, which will become final tomorrow, requiring the U.S. parent company of large, public and privately held multinational companies to provide certain financial data to the IRS on a country-by-country basis. The information is meant to provide tax authorities with better tools to identify where a company might be artificially shifting profits into tax havens—a red flag for tax evasion and tax avoidance that may warrant further investigation.
Christine Clough, PMP
Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify at the Internal Revenue Service (IRS) on Friday during a public hearing on a proposed rulemaking, “Country-by-Country Reporting” that would require companies that file tax returns in the U.S. to include a country-by-country breakdown of income earned and taxes paid. GFI, as a member of the Financial Accountability and Corporate Transparency (FACT) Coalition, has been supporting the IRS proposal as well as calling for additional language to strengthen and clarify the rulemaking, including a call for the information to be publicly available.
Heather Lowe, +1 202 293 0740 ext. 228
GFI Calls on Congress to Take Action to Ensure that Beneficial Owners are Actually Identified at the Time of Company Formation
The U.S. Departments of Treasury and Justice announced a raft of measures and proposals to address critical vulnerabilities in the U.S. financial system on May 5th, following actions taken by other countries in response to the Panama Papers disclosures. GFI welcomes the introduction of these measures after a four year process but urges Treasury and Justice to fix serious gaps in the requirements for identifying the beneficial owners of companies.
Leaked documents from global law firm Mossack Fonseca revealed today by the International Consortium of Investigative Journalists (ICIJ) bring to light a global shadow financial system for the rich and powerful of the world for many billions of dollars worth of transactions, noted Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. More than 11.5 million documents implicate familiar names with abuse of financial secrecy, including UBS, HSBC, Société Générale, Cyprus, Switzerland, and the British Virgin Islands.
