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.
E.J. Fagan, +1 202 293 0740 ext. 227
Following Several, Recent, High-Profile Cases Against International Banks for Violating U.S. Sanctions Against Iran, the Iranian Rial Lost 60% of its Value against the U.S. Dollar Last Week. Could There Be A Connection?
WASHINGTON, DC – The Iranian Rial tanked last week—plummeting 60% against the U.S. Dollar and triggering widespread domestic unrest—conspicuously in the wake of several, recent, high-profile legal actions against international banks for circumventing U.S. sanctions against Iran. In a new blog post on the website of the Task Force on Financial Integrity & Economic Development, Global Financial Integrity (GFI) spokesman EJ Fagan suggests the two are likely connected.
Frank Vogl
Global Financial Integrity
Frank Vogl, Co-Founder of Transparency International and Author of the New Book, Waging War On Corruption, Spoke about What Inspired Him to Write His New Book
Carnegie Endowment for International Peace, Washington DC
Book Launch: Waging War on Corruption
Panel of Experts to Discuss the New Book and the link between Illicit Financial Flows, Corruption, Global Security
WASHINGTON DC – This Thursday, October 4, Global Financial Integrity will host the first official launch event for the new book, Waging War on Corruption: Inside the Movement Fighting the Abuse of Power, by Transparency International co-founder Frank Vogl.
Nearly US$200 Billion in Illicit Inflows to Greece from 2010-2011, fueling 2nd Largest Underground Economy in the OECD, GFI Director Tells German Magazine
From 2003-2011, Collective Illicit Financial Flows into and out of Greece Total US$509 Billion
WASHINGTON, DC – The Greek economy lost US$261 billion to crime, corruption, and tax evasion from 2003-2011, Global Financial Integrity (GFI) Director Raymond Baker told Der Spiegel in an exclusive interview (English version here) published yesterday in the German news magazine. Interestingly, while Greece experienced heavy illicit outflows for 6 of the first 7 years in that time series, Greece experienced massive inflows of illicit money in 2010 and 2011.
