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.
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.
U.S. Treasury Department Now Working with Over 50 Jurisdictions Globally to Fight Tax Evasion
WASHINGTON, DC – Global Financial Integrity today applauded the U.S. Department of the Treasury for working with over fifty jurisdictions to establish agreements enabling the bilateral automatic exchange of tax information as part of the implementation of the Foreign Account Tax Compliance Act (FATCA).
Key Oil, Gas, and Mining Industry Transparency Rules Will Not Be Delayed by Pending Litigation
WASHINGTON DC – Global Financial Integrity (GFI) applauded the Securities and Exchange Commission (SEC) today for denying the request (PDF) of industry groups to stay key oil, gas, and mining transparency rules pending a lawsuit.
Industry Lobbying Groups Seek to Mire Regulations in ‘Legal Quicksand’ Despite Widespread Support by World Leaders
WASHINGTON DC — Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization, urged the Securities and Exchange Commission today to deny the suspension request made by the American Petroleum Institute for recently finalized rules implementing Dodd-Frank Section 1504 transparency requirements for oil, gas, and mining companies.
Global Financial Integrity’s new report on illicit financial flows from China showed some of the worst numbers that we’ve ever estimated. Crime, corruption, and tax evasion cost the world’s largest country and second-largest economy $3.79 trillion from 2000-2011. To make matters even darker, illicit capital flight is intensifying. In 2011 alone, China lost over $600 billion –more than any other single country lost over a ten year period when Global Financial Integrity estimated illicit financial flows from 2000-2009.
Raymond Baker, the President of Global Financial Integrity, addresses the issue of illicit financial flows while speaking at Ryerson University in Toronto, Canada at “Beyond 2015: Towards a New Consensus on Global Poverty,” a conference marking the launch of the Canadian chapter of Academics Stand Against Poverty (ASAP).
Fraudulent Mispricing of Trade Accounted for $3.20 Trillion in Illicit Outflows from 2000-2011
Serious Ramifications for “Social and Political Stability”
WASHINGTON, DC – The Chinese economy hemorrhaged US$3.79 trillion in illicit financial outflows from 2000 through 2011, according to a new report [PDF] released today by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. Amidst increased domestic concern over inequality and corruption, GFI’s study raises serious questions about the stability of the Chinese economy merely two weeks before the once-in-a-decade leadership transition.
