By now, it is common knowledge that income inequality has been rising in many developed and developing countries across the world. The average layman attributes the factors driving inequality to increasing competition from abroad, globalisation, excessive compensation of company executives, tax breaks to the upper income groups and so on.
There is no question that globalisation impacts income inequality both within and across countries. However, the impact of trade-driven globalisation and financial globalisation need to be considered separately in order to understand the overall impact of closer global links on income inequality. Researchers find that these two aspects of globalisation impact income inequality in opposite directions at least in developing countries.
GFI President Raymond Baker testified before the European Parliament on March 19, 2013, where he discussed illicit financial flows, financial transparency, and their implications for developing countries.
The testimony was delivered at a joint hearing of the European Parliament’s Committee on Development (DEVE) and the Parliament’s Special Committee on Organised Crime, Corruption and Money Laundering (CRIM), titled “Organised Crime, Coruption and Money Laundering: The Impact on Development.”
GFI Director Raymond Baker Releases Statement on Sen. Levin’s Decision to Not Seek Re-Election in 2014
WASHINGTON, DC – Raymond Baker, director of Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, released the following statement upon news late yesterday that U.S. Senator Carl Levin (D-MI) would not seek reelection in 2014:
Global Financial Integrity Issues Statement in Advance of Thursday Morning’s Senate Banking Hearing on Anti-Money Laundering Compliance Failures
WASHINGTON, DC – In the wake of recent money laundering compliance failures at major U.S. and international banks, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is currently scheduled to hold a hearing tomorrow, Thursday, March 7, 2013 entitled, “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement.” Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, issued the following statement in advance of the hearing:
Raymond Baker, the President of Global Financial Integrity, presents the findings of GFI’s February 2013 study, “Russia: Illicit Financial Flows and the Underground Economy,” during a discussion sponsored by the Kennan Institute for Advanced Russian Studies at the Woodrow Wilson Center in Washington, DC. The presentation is moderated by William Pomeranz of the Kennan Institute.
GFI Praises European Union for Committing to Require Financial Institutions to Disclose Profits, Taxes, Subsidies, and Staff Numbers on a Country-by-Country Basis
Civil Society Calls on E.U. and U.S. to Expand Transparency Rules beyond Financial Institutions to All Sectors
WASHINGTON, DC – Global Financial Integrity (GFI) praised European Union leaders today for their commitment to requiring banks to disclose profits-made, taxes-paid, subsidiaries, and staff levels on a country-by-country basis, and the Washington, DC-based research and advocacy organization called upon the United States to follow Europe’s lead and adopt similar rules.
Bank of Russia Governor: $50 Billion Illegally Flowed Out of Russia in 2012
WASHINGTON, DC – According to media reports, the Governor of the Central Bank of Russia stated Wednesday that roughly $50 billion was illegally siphoned out of Russia in 2012, echoing research published last week by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, which estimated that an annual average of $62 billion was illicitly smuggled out of Russia in recent years.
Cover-Page Editorial and 10-Article “Special Report” Highlight Trillions of Dollars in Dirty Money Flows Facilitated by Delaware, Miami, City of London, and Offshore Tax Havens
WASHINGTON, DC – A 10-article exposé accompanied by a cover-page editorial in this week’s edition of The Economist highlights the damaging role of anonymous shell companies, banking secrecy, and lax money laundering regulations and enforcement in places like the United States, Great Britain, and offshore tax havens. The influential British magazine—which hits newsstands tomorrow—calls on developed western economies like the United States, Great Britain, and Europe to “focus… on cleaning up their own back yards and reforming their tax systems.”
