Study Reveals the Astonishing Breadth of U.S. Phantom Firms’ Threat to Americans’ Livelihoods and Cost to America’s Economy and Government
Report Demonstrates the Clear Need for National Legislation to End Anonymous Incorporation in the U.S.
WASHINGTON, DC – Global Witness, an international investigative and advocacy organization, today released a report, entitled “The Great Rip Off,” studying the use of anonymous U.S. companies for a wide range of illegal and otherwise fraudulent activities in the United States, and outlining the policy steps needed to curb this massive abuse of the incorporation system. Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization that has worked closely with Global Witness over the years, recommends the report as a welcome new resource on an important but often misunderstood issue.
Christine Clough, PMP
Photos from “Illicit Financial Flows in Brazil: A Hidden Resource for Improving Prosperity and Economic Stability,” a joint conference in Rio de Janeiro, Brazil that was co-hosted by Global Financial Integrity and the Multidisciplinary Institute for Development and Strategies (MINDS).
Fraudulent Misinvoicing of Trade Transactions Accounts for 92.7% of Brazil’s Illicit Outflows; Underground Economy Averaged 38.9% of Brazil’s Official GDP
Customs Enforcement, Transparency Measures, Political Will Seen as Key to Curbing Crime, Corruption, and Tax Evasion
Press Event to Be Held at JW Marriott Hotel Rio de Janeiro at 11am Local Time on Monday, September 8th, Day-Long Conference on Illicit Flows to Follow on Tuesday, September 9th
RIO DE JANEIRO, Brazil / WASHINGTON, DC – More than US$400 billion flowed illegally out of Brazil between 1960 and 2012— draining domestic resources, driving the underground economy, exacerbating inequality, and facilitating crime and corruption—according to a new report to be published Monday, September 8th at a press event in Rio de Janeiro by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization.
O faturamento fraudulento de transações comerciais foi responsável por 92,7% dos fluxos financeiros ilícitos provenientes do Brasil para outros países; A economia subterrânea correspondeu, em média, a 38,9% do PIB oficial do Brasil
A fiscalização aduaneira, medidas de transparência e a vontade política são vistas como elementos essenciais para o combate à criminalidade, à corrupção e à evasão fiscal
Um evento de imprensa será realizado no Hotel JW Marriott Rio de Janeiro na segunda-feira, 8 de setembro, às 11:00 horas, seguido de uma Conferência de um dia sobre Fluxos Financeiros Ilícitos a se realizar na terça-feira, 9 de setembro
RIO DE JANEIRO, Brasil/WASHINGTON D.C. – Mais de US$ 400 bilhões deixaram o Brasil ilegalmente entre 1960 e 2012, drenando os recursos internos do país, estimulando a economia subterrânea, acentuando a desigualdade e facilitando a criminalidade e a corrupção, afirma um novo relatório a ser lançado na segunda-feira, 8 de setembro, em um evento de imprensa a se realizar no Rio de Janeiro sob os auspícios da Global Financial Integrity (GFI),uma organização de pesquisa e advocacy sediada em Washington.
Report Highlights the Human Cost to Developing Countries of Corruption and the Financial Structures Facilitating It
World Leaders Must Act to Implement Effective Transparency Measures at This Year’s G20 Summit and Beyond
WASHINGTON, DC – The ONE Campaign, an international advocacy and campaigning organization, today released a report, entitled “The Trillion-Dollar Scandal,” highlighting the cost of corruption and other forms of illicit financial flows to developing countries and enumerating several crucial steps world leaders can take to curb these flows. Global Financial Integrity (GFI), a Washington-DC based research and advocacy organization, applauded the report as a welcome and timely addition to this important discussion in international development.
Live Webcast Event to Feature Asst. U.S. Secretary of State Tom Malinowski, Representatives from the World Bank, Transparency International USA, Global Integrity, and GFI
“State Of Rights” Panel to Be Live-Streamed on Wednesday, September 3, 2014 at 10am EDT (3pm BST / London)
WASHINGTON, DC – Global Financial Integrity’s Heather Lowe is slated to appear on a U.S. State Department panel Wednesday morning, September 3, 2014 discussing the links between governance and human rights and addressing ways to curb corruption. Titled, “Government for the People: Combating Corruption,” Wednesday’s panel is the first in a series of conversations that the State Department will be sponsoring under the “State of Rights” theme.
GFI Warned of Shortcomings of Original Standard Chartered Settlement in August 2012
Regulators Fail Again to Hold Individuals Accountable for Serious Anti-Money Laundering Lapses, Providing No Deterrent to Future Misconduct
WASHINGTON, DC – As New York regulators announced that British bank Standard Chartered PLC will pay a fine of $300 million for failing to rectify anti-money laundering deficiencies as required by the bank’s August 2012 settlement with New York regulators, Global Financial Integrity (GFI) warned that the agreement underscored the fact that fines and monitoring are insufficient for deterring illicit activity at international banks.
Working Group Must Address Trade Misinvoicing and Role of U.S. Business and Government in Facilitating Illicit Finance to Be Truly Effective, Warns GFI
Illicit Financial Flows Drain US$55.6bn Annually from African Continent, Sapping GDP, Undermining Development, and Fueling Crime, Corruption, and Tax Evasion
WASHINGTON, DC – Global Financial Integrity (GFI) welcomed the announcement from the White House and African leaders today regarding the establishment of a bilateral U.S.-Africa Partnership to Combat Illicit Finance, but the Washington-DC based research and advocacy organization cautioned that any effective partnership must be sure to address deficiencies in both the U.S. and in Africa that facilitate the hemorrhage of illicit capital from Africa.
