GFI Praises G20 Renewal of Anti-Corruption Working Group, Disappointed in Failure to Tackle Anonymous Shell Companies
WASHINGTON, DC – Global Financial Integrity (GFI) praised G20 leaders today for prominently focusing on the issue of illicit financial flows, committing to move toward the automatic exchange of tax information, and renewing the mandate of the Anti-Corruption Working Group for another two years, but expressed disappointment in the leaders’ failure to address the issue of anonymous shell companies.
Greece Lost US$160 Billion to Illicit Financial Outflows over Past Decade
WASHINGTON, DC – Global Financial Integrity (GFI) today called upon G20 leaders meeting this week in Los Cabos, Mexico to tackle the issue of tax haven secrecy and the illicit financial flows it facilitates as a necessary means to ensuring stability in the international financial system.
The United States has a strong national interest in economic, political and civil stability in Mexico. Its war against transnational drug cartels has dramatically highlighted Mexico’s problems, but the truth is that the nation has had deep, unsolved, structural problems in its economy and an opaque international financial system for decades.
Global Financial Integrity’s report on Mexico found that $872 billion in illicit finances left the country from 1970 through 2010. Although some laundered drug money may be included in that figure, it overwhelmingly represents tax evasion by both domestic and multinational corporations doing business in Mexico, as well as corruption, kickbacks and bribery from wealthy Mexican public officials and business leaders.
Why Not Address the Practical Difficulties of Retrieving the Illicit Assets Held Abroad by Indian Citizens
In his forward to the government’s white paper released on May 16, the finance minister acknowledged that black money has a “debilitating effect” on governance and the conduct of public policy in India. The paper’s review of the work done at Global Financial Integrity (GFI) on illicit financial flows from the country is clear and comprehensive and we commend the government’s efforts to develop policy measures to curtail the generation and cross-border transmission of these flows. Ongoing discussions among and between various stakeholders in the world’s largest democracy can in time coalesce public opinion on the required policy measures.
Global Financial Integrity Lauds International Financial Institution for Anti-Corruption Milestone
WASHINGTON, DC – Global Financial Integrity (GFI) applauded the World Bank for changing its policy and committing to publicly disclose the logic behind its decisions to sanction companies and individuals for alleged fraud and corruption, heralding the move as a major step forward in the Bank’s moves towards transparency. GFI believes the publication of these decisions will provide crucial information to foreign government officials, civil society organizations, and businesses as they monitor corruption risks around the world.
Tom Cardamone
Anonymous U.S. Shell Companies Facilitating Wildlife Crime, Arms Trafficking, Drug Smuggling, and Terrorist Financing – Explains GFI’s Tom Cardamone in Written Testimony Submitted to Committee
GFI Managing Director Tom Cardamone testified before the U.S. Senate Committee on Foreign Relations on May 24, 2014 at a hearing titled “Ivory and Insecurity: The Global Implications of Poaching in Africa.”
U.S. Anonymous Shell Companies Facilitating Wildlife Crime, Arms Trafficking, Drug Smuggling, and Terrorist Financing – Explains Cardamone in Written Testimony Submitted to Committee
WASHINGTON, DC – Global Financial Integrity (GFI) Managing Director Tom Cardamone will testify tomorrow before the full U.S. Senate Committee on Foreign Relations on the global security implications of poaching in Africa, explaining how the opaque structures in the international financial system—particularly anonymous American shell companies—facilitate illicit wildlife trafficking, drug smuggling, arms dealing and even terrorist financing.
Curtailing Illegal Capital Flight Will Ensure Food Security in Developing World; Make Good on L’Aquila Commitment
WASHINGTON, DC – Global Financial Integrity (GFI) today called on leaders of the G8 to concretely tackle the issue of illicit financial flows and end tax haven secrecy when they meet this weekend at Camp David. Illegal capital flight costs the developing world roughly $1 trillion per year, according to GFI research.
