GFI President Raymond Baker participated in “Illicit Financial Flows on the Post-2015 Development Agenda,” a panel discussion organized by the World Bank ‘s Integrity Vice Presidency on October 11, 2014 during the 2014 IMF/World Bank Annual Meetings. The forum addressed the issue of illicit financial flows in the context of the Post-2015 Sustainable Development Agenda.
Joining Mr. Baker on the panel were (in alphabetical order) Hans Brattskar, State Secretary, Ministry of Foreign Affairs, Norway; Mogens Jensen, Minister for Trade and Development Cooperation, Denmark; Marcel, Senior Director, World Bank Group; Leonard Mccarthy, Integrity Vice President, World Bank Group; Dr. Atiur Rahman, Governor, Central Bank of Bangladesh; and Nena Stoiljkovic, Global Practices Vice President, World Bank Group.
October 11th Forum to Focus on Illicit Financial Flows in the Context of the Post-2015 Sustainable Development Agenda
High Level Discussion to Be Live-Streamed During the 2014 IMF/World Bank Annual Meetings
WASHINGTON, DC – Global Financial Integrity (GFI) President Raymond Baker is to be featured on a World Bank panel on Saturday, October 11, 2014 focusing on the issue of illicit financial flows in the context of the Post-2015 Sustainable Development Agenda. Taking place as part of the 2014 IMF/World Bank Annual Meetings, the discussion will feature high level representatives from the Governments of Norway, Denmark, Bangladesh, the Philippines, and the World Bank in addition to Mr. Baker.
FinCEN Proposal Aims to Require U.S. Banks to Collect Meaningful Ownership Information on All Accounts, but GFI Warns of Major Loopholes in Proposal
GFI Has Advocated for Such a Requirement Since Its Founding
WASHINGTON, DC – Global Financial Integrity (GFI) welcomed a proposed U.S. Treasury Department rule aimed at curtailing the flow of dirty money through the U.S. financial system, but the Washington-based research and advocacy organization called on policymakers to significantly strengthen the draft regulation in comments submitted to the government late Friday.
Issued in late July by the Financial Crimes Enforcement Network (FinCEN), the financial intelligence arm of the U.S. Treasury Department, the Notice of Proposed Rulemaking (NPRM) on “Customer Due Diligence Requirements for Financial Institutions” seeks to require banks under U.S. jurisdiction to collect information about the beneficial owners of companies for which they open accounts, a change that GFI has advocated for since its founding and one that would bring the U.S. in line with international norms and most other advanced economies.
Global Financial Integrity (GFI) submitted comments to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) with regards to their Notice of Proposed Rulemaking on Customer Due Diligence Requirements for Financial Institutions in a letter on October 3, 2014.
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.
