Global Financial Integrity

 

Press

New Report Finds Crime, Corruption, and Tax Evasion at Near-Historic Highs in 2010

Clark Gascoigne, +1 202 293 0740 ext. 222
E.J. Fagan, +1 202 293 0740 ext. 227

Illicit Financial Outflows Cost Developing World $859 Billion in 2010, Rebounding Rapidly from Financial Crisis

Nearly $6 Trillion Stolen from Poor Countries in Decade between 2001 and 2010

WASHINGTON, DC – Crime, corruption, and tax evasion cost the developing world $858.8 billion in 2010, just below the all-time high of $871.3 billion set in 2008—the year preceding the global financial crisis.  The findings are part of a new study released today by Global Financial Integrity (GFI), a Washington-based research and advocacy organization.

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India Loses US$1.6 Billion in Black Money in 2010, Loses US$123 Billion from 2001-2010

Clark Gascoigne, +1 202 293 0740 ext. 222
E.J. Fagan, +1 202 293 0740 ext. 227

Latest Global Financial Integrity Research Places India as Decade’s 8th Largest Exporter of Illicit Capital

Illicit Outflows Cost Developing World US$859 Billion in 2010, Rebounding Rapidly from Financial Crisis

WASHINGTON, DC – The Indian economy suffered US$1.6 billion in illicit financial outflows in 2010, capping-off a decade in which the world’s largest democracy experienced black money loses of US$123 billion, according to the latest report released today by Global Financial Integrity, a Washington-based research and advocacy organization.

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Zambia Lost $8.8 Billion in Illicit Outflows from 2001-2010, According to Forthcoming Report

Clark Gascoigne, +1 202 293 0740 ext. 222

Capital Flight Fueling Poverty In One of the World’s Poorest Nations, Writes GFI Economist

WASHINGTON DC – Illicit financial flows due to crime, corruption, and tax evasion cost Zambia $8.8 billion from 2001-2010, finds a forthcoming report from Global Financial Integrity (GFI).

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Ahead of Anti-Corruption Day, GFI Reviews the Major Developments of 2012

Clark Gascoigne, +1 202 293 0740 ext. 222

WASHINGTON, DC – As the world observes International Anti-Corruption Day this Sunday, December 9, 2012, Global Financial Integrity highlighted some of the most notable achievements, developments, and short-comings in the fight against corruption over the past year.

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Global Financial Integrity Calls for Tough Sanctions on HSBC by Regulators

Clark Gascoigne, +1 202 293 0740 ext. 222

Deferred Prosecution Agreement Could Be A “Get-Out-Of-Jail-Free Card”

WASHINGTON DC – Global Financial Integrity today called for regulators to follow-through with prosecutions for any illegal anti-money laundering lapses at HSBC Holdings Plc.

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Plundering a Continent

Raymond Baker

In 1961 I arrived in Lagos, Nigeria, to take over the management of a company. One of the early conversations I had was with an “old coaster,” a British gentleman who was managing director of a UK-based trading company that had been active along the west coast of Africa since the late 1800s. I asked him, “How do you do business in Africa?” He looked me skeptically up one side and down the other and wasn’t very forthcoming. I got the distinct impression that he did not like Americans showing up in his former British colony so soon after independence. But I pressed on as is my American manner and asked further, “Well, okay, tell me, how do you price your imported cars and textiles and building materials to sell in the Nigerian market?” He answered, “Price? Price is not a problem. I’m not trying to make a profit.”

Imagine my surprise. I had just finished Harvard Business School learning all about how to make a profit and here in Africa one of the first persons I encounter tells me he’s not trying to make a profit. What could be going on here?

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Civil Society Organizations Welcome Justice Department and SEC’s Anti-Corruption Guidance

Clark Gascoigne, +1 202 293 0740 ext. 222

Guidance Should Satisfy Critics of Government Anti-Bribery Prosecutions

WASHINGTON, DC – Civil society organizations welcomed today’s release of the Department of Justice (DOJ) and Securities and Exchange Commission’s (SEC) new guidance for businesses on the Foreign Corrupt Practices Act (FCPA), the U.S. law that makes it illegal to bribe foreign officials.  The FCPA creates a strong and effective mechanism to fight financial fraud and corruption, which impede economic growth and raise the costs of doing business internationally.

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Civil Society Welcomes U.S. Anti-Money Laundering Review

Clark Gascoigne, +1 202 293 0740 ext. 222

Coalition of NGOs Urges Treasury to Address Beneficial Ownership Issues, Expand List of Predicate Offenses, Require Enhanced Due Diligence for All PEPs

Transparency Groups Originally Requested AML Review in September 2011

“Enforcement Must Be a Priority”

WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition1 welcomed news that the U.S. Department of the Treasury will be leading a government task force to review the nation’s antiquated anti-money laundering (AML) regulations.  The FACT Coalition—an alliance of more than 60 prominent anti-corruption, transparency, small business, and global development groups—originally called on the Treasury Department in September 2011 to undertake such a review.

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