Global Financial Integrity

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Global Financial Integrity Profiled in Tax Notes International Magazine

Monique Perry Danziger, +1 202 293 0740 ext. 222

WASHINGTON, DC—Global Financial Integrity (GFI) is featured in an in-depth profile piece appearing in the tax news publication, Tax Notes International, which hit newsstands this week. The article features interviews with GFI director Raymond Baker, managing director Tom Cardamone, and legislative affairs director Heather Lowe in addition to discussing GFI’s work on such issues as transfer pricing, new legislation on tax compliance, and beneficial ownership.

“Tax Analysts is a key source for information on a range of issue GFI works on,” said GFI communications director Monique Danziger.  “We are honored to be featured in Tax Notes International and look forward to working with them on similar pieces in the future.”

The article appears in Tax Analysts hard copy publication Tax Notes International, as well as in the online subscription-based publication Worldwide Tax Daily.

Full text of the article is available here as a PDF, and excerpts from the article appear below:

News Analysis: Global Financial Integrity’s Commitment to Transparency
By David Stewart

Global Financial Integrity (GFI) is a vocal proponent of ending bank secrecy. Throughout the UBS dispute with U.S. authorities, GFI watched carefully the positions taken by the United States.

GFI does not view the UBS outcome as a major victory over bank secrecy, but rather sees it as shedding light on a much more severe and widespread problem. To GFI, UBS is representative of a system that both facilitates tax evasion for individuals in wealthy countries and enables the flow of illicit money from the developing world.

Headed by Raymond Baker, a former businessman, GFI is unique among advocacy organizations. It is a development organization that has taken on what Baker sees as the largest impediment to development — the opaque world of international finance.

The financial systems implemented by the developed world have, according to GFI, largely negated its efforts to support the developing world.

GFI seeks to fulfill its role in part through research aimed at quantifying the resource drain from the developing world. Research led by GFI lead economist Dev Kar shows that each year $1 trillion in illicit money flees the developing world. If accurate, the figure means that for every dollar of development aid, $10 flows out of the developing world.

GFI’s mission is to push policymakers to stem the flow of illicit money. The group believes that opening the financial system to scrutiny will cut off the main avenues for illicit money.

Tax Analysts recently sat down with Baker and GFI’s Tom Cardamone and Heather Lowe to discuss the organization’s goals and interests.