China Largest Victim Worldwide of Illicit Outflows; Lost US$2.74 trillion to Crime, Corruption and Tax Evasion from 2000 to 2009
WASHINGTON, DC – As details surfaced today connecting the illicit outflow of assets from China in the suspicious death of British businessman Neil Heywood last November, Global Financial Integrity (GFI) highlighted China’s place as the largest victim of illicit financial outflows. The latest research from GFI estimates that the Asian nation suffered US$2.74 trillion in illicit financial outflows over the decade ending in 2009, more than quintupling the outflows from the next largest victim of illegal capital flight.
Tom Cardamone
TO THE EDITOR:
James B. Stewart does such an entertaining job of illustrating the effort many of New York’s richest non-residents put into avoiding city taxes that a reader might be excused for cheering them along, just as I did with Leonardo DiCaprio’s character in the similarly named movie (“Tax Me If You Can,” March 19th). However, the actions of such tax evaders do a great disservice not only to working-class New Yorkers but to all Americans currently suffering from cuts in health care, education, and other essential services as a result of empty government coffers. Amusing as the games of the rich might be, one need only look at Athens in order to see the possible consequences. At the end of the day, even DiCaprio’s character ended up behind bars.
GFI Advisory Board Member to Chair Group of Experts
WASHINGTON, DC – The International Bar Association’s Human Rights Initiative (IBAHRI) today announced the formation of a international task force charged with investigating the linkages between illicit financial flows, poverty and human rights violations. Chaired by Global Financial Integrity Advisory Board member and Yale University Professor Thomas Pogge, the task force consists of prominent academics, tax experts, and lawyers from around the world.
Research and Advocacy Organization Recommends Country-by-Country Reporting to Help Curtail Tax Avoidance
WASHINGTON, DC – Global Financial Integrity (GFI) welcomed an initiative by the OECD’s first Global Forum on Transfer Pricing today to simplify and strengthen international transfer pricing standards, but noted the need to engage a wide variety of developing countries as the Global Forum moves forward with its work.
WASHINGTON, DC – Global Financial Integrity (GFI) Advisory Board Member and Nigerian Coordinating Minister for the Economy and Minister of Finance Ngozi Okonjo-Iweala is to be nominated by developing world nations to replace outgoing World Bank President Robert Zoellick when his term expires in June. The Wall Street Journal reports today that Min. Okonjo-Iweala will receive the backing of South Africa, Angola and Nigeria to fill the top role at the international financial institution.
Georgetown University Panel to Also Feature Speakers from DOJ, SEC, Shearman & Sterling and World Bank
WASHINGTON, DC – Global Financial Integrity’s Legal Counsel and Director of Government Affairs, Heather A. Lowe, will participate in a panel discussion on proposed changes to the FCPA at Georgetown University Law Center tomorrow evening, Tuesday, March 13, 2012.
Amendment Would Raise $900 Million Over 10 Years
WASHINGTON, DC – Global Financial Integrity (GFI) today joined several other civil society organizations encouraging U.S. Senators to support the offshore tax evasion amendment (S.A. 1818) to the highway reauthorization bill. The amendment, sponsored by Senators Carl Levin (D-MI) and Kent Conrad (D-ND), is expected to come up for a vote this evening.
Amendment to Raise $900 Million Over 10 Years
WASHINGTON, DC – Global Financial Integrity (GFI) today applauded the U.S. Senate for unanimously adopting the Levin-Conrad amendment (S.A. 1818) to the highway reauthorization bill, and called upon members of the House of Representatives to follow suit in their own version of the legislation.
