Your Excellencies, Honorable Ministers, distinguished officials, members of the Bar, and guests.
I am delighted to have the opportunity to participate in PALU’s annual conference, this year focusing on the eradication of corruption and illicit financial flows and the role of lawyers and lawyers associations. These issues have moved into the forefront of Africa’s agenda in recent years and will continue to shape thinking about maximizing domestic resources for development in the coming years.
Legislators in the U.S. introduce bi-partisans bills in the Senate and House to end the establishment of anonymous companies in the United States, which is crucial for anti-money laundering.
Heather Lowe, +1 202 293 0740 ext. 228
Global Financial Integrity (GFI) Legal Counsel and Director of Government Affairs Heather Lowe will testify before the House Financial Services Financial Institutions and Consumer Credit Subcommittee Hearing during a public hearing entitled “Examining the BSA/AML Regulatory Compliance Regime” on Wednesday.
Thank you. I am very grateful for the opportunity to participate in CAPP Foundation’s 2017 conference. This morning we are focusing our attention on human smuggling and economic crime, as Lord Skidelsky will focus our attention this afternoon on incentivizing solidarity and civic virtue.
Christine Clough, PMP
Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$1 trillion in 2014, according to a study released today by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. The report pegs illicit financial outflows at 4.2-6.6 percent of developing country total trade in 2014, the last year for which comprehensive data are available.
At a time when Members of Congress need more data to inform their important deliberations on effective tax policy reform, two bills introduced this week in the House and the Senate seek to provide lawmakers with previously unreported data from multinational corporations, often referred to as “country-by-country reporting” information.
Globally the business of transnational crime is valued at an average of $1.6 trillion to $2.2 trillion annually, according to a new report released by Global Financial Integrity (GFI), a Washington DC-based research and advisory organization. Titled “Transnational Crime and the Developing World,” the study highlights that the combination of high profits and low risks for perpetrators of transnational crime and the support of a global shadow financial system perpetuate and drive these abuses.
As national leaders meet at the African Union Summit in Addis Ababa this week, a group of civil society experts has issued a set of recommendations to address illicit financial flows (IFFs), an issue of critical importance to regional development. Titled Accelerating the IFF Agenda for African Countries (the Accelerated IFF Agenda), the purpose of the document is to highlight for African leaders fourteen steps that can be taken to jumpstart efforts to address IFFs. Among the recommendations are suggestions to establish a multi-agency approach to fight IFFs, to collect information to identify corporate ownership, and certain tax-related measures.
