World’s Largest Development Institution Urged to Tackle World’s Largest Development Challenge
World Bank Should Officially Call for Transparency in the Global Financial System, Shun Phantom Firms
WASHINGTON, DC – As central bank governors, finance ministers, and global leaders gather in Washington ahead of the annual meetings of the World Bank and International Monetary Fund (IMF) this weekend, Global Financial Integrity (GFI) calls on the World Bank to prioritize the issue of illicit financial flows from developing countries on its agenda.
E.J. Fagan, +1 202 293 0740 ext. 227
Senators Levin, Whitehouse, Begich, Shaheen Introduce Legislation to Close Offshore Tax Loopholes and Foster Transparency
WASHINGTON, DC – As congressional leaders weigh presenting an overhaul of the U.S. tax code, Senators Carl Levin (D-MI), Sheldon Whitehouse (D-RI), Mark Begich (D-AK), and Jeanne Shaheen (D-NH) introduced legislation Thursday to increase transparency in the financial system and close several offshore tax loopholes. While the Joint Committee on Taxation estimates the bill would generate roughly $220 billion in U.S. government revenue over ten years, Global Financial Integrity (GFI) particularly welcomed the Stop Tax Haven Abuse Act (STHAA) for its impact on developing nations, which lose nearly $1 trillion per year in illicit outflows of money due to tax haven secrecy.
Hosted by Rep. Maxine Waters, CBC Foundation Forum to Discuss Rethinking Mandatory Minimums for Drug Crimes and Targeting Money Laundering and Major Drug Traffickers
Opening Keynote Address to Be Delivered by U.S. Attorney General Eric Holder
EVENT ADVISORY
WASHINGTON, DC – Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity (GFI), is slated to appear on a panel Thursday afternoon at the Congressional Black Caucus Foundations’ Annual Legislative Conference, discussing the importance of refocusing U.S. law enforcement policies on targeting money laundering and major drug traffickers. Hosted by the Honorable Rep. Maxine Waters (D-CA), the panel discussion will follow opening remarks delivered by U.S. Attorney General Eric Holder.
E.J. Fagan, +1 202 293 0740 ext. 227
All G20 Countries Expect to Be Actively Exchanging Information Automatically by End of 2015
Promises to Aid Developing Counties with Implementation Welcome, but More Must be Done to Help World’s Poorest
G20 Fails to Tackle Anonymous Shell Companies
WASHINGTON, DC – The G20 leaders agreed today to begin sharing tax information automatically between themselves—expecting to be able to implement the agreement by the end of 2015—in a move hailed by Global Financial Integrity (GFI) as a major advancement in the fight against tax evasion. GFI welcomed the commitment by world leaders to assist low-income countries’ effort to additionally ensure their eventual participation in the automatic exchange of tax information. However, the Washington, DC-based research and advocacy group expressed disappointment in the G20 declaration’s omission of a timeframe to include developing countries in such a system.
E.J. Fagan, +1 202 293 0740 ext. 227
Tax Evasion, Crime, Corruption Major Detriments to Growth, Exacerbate Income Inequality
GFI: G20 Should Embrace Country-by-Country Reporting, Crack Down on Anonymous Shell Companies
Russian Crackdown on Civil Society “Casts a Dark Cloud” on Summit
WASHINGTON, DC – As world leaders prepare to meet in Moscow this week to discuss stagnating economic growth, Global Financial Integrity (GFI) urged G20 leaders to take strong action to curtail illicit financial flows, the proceeds of crime, corruption, and tax evasion. The Washington, DC-based research and advocacy organization called on world leaders to expand efforts to crackdown on abusive tax dodging and the anonymity surrounding anonymous shell companies.
Transparency Advocates, Small Business Groups, Investors, Labor Unions Hail New Legislation as Key to Curtailing Crime, Corruption, Fraud, Tax Evasion
WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition applauded today’s introduction of bipartisan legislation in the U.S. Senate crucial to stemming the flow of dirty money hidden behind anonymous American shell companies. The alliance of civil society organizations, small business groups, investors, and labor unions urged lawmakers to move quickly to pass this critical piece of legislation.
Joel Anand Samy
Global Financial Integrity
The Balkans’ $111.6 Billion in Illicit Financial Outflows (2001-2010) Hemorrhages the Region’s Treasuries and Exposes Western Nations to Financial Risks
RIJEKA, Croatia / WASHINGTON, DC – Global Financial Integrity (GFI) and Adriatic Institute for Public Policy (AI) have formed a strategic partnership to launch a new joint study on the Balkans’ illicit financial outflows via crime, corruption and tax evasion for the years 1991 through 2011. The in-depth study led by the joint leadership team consisting of GFI President Raymond Baker, GFI Chief Economist Dev Kar, AI Chairman Natasha Srdoc and senior staff members will provide detailed reports for each of the Balkan nations covering the 21-year time span. The GFI-AI research will focus on illicit financial outflows for the Balkan nations including Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Greece, Kosovo, Macedonia, Montenegro, Romania, Serbia and Slovenia.
Leading Finance Ministers Offer Support to Developing Countries in Employing “New, Global Standard,” Eliciting Praise from Civil Society
GFI Disappointed in G20 Failure to Embrace Country-by-Country Reporting or Incorporation Transparency
WASHINGTON, DC – Over the weekend, the G20 finance ministers echoed the call by the G8 countries at Lough Erne to rapidly move to a system of automatic exchange of tax information, a move praised by Global Financial Integrity (GFI) as essential to cracking down on international tax evasion. As with the G8, the G20 finance ministers offered to provide support to poorer countries as they move to adopt the “new, global standard,” likewise eliciting support from GFI. However, the Washington-DC based research and advocacy organization expressed disappointment in the G20’s failure to embrace tax transparency for multinational corporations and the finance ministers’ reticence to meaningfully address the issue of phantom firms.
