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.
Legislation Enjoys Support of Law Enforcement, Obama Administration; Would Clean-Up American Financial System
WASHINGTON, DC – Today, 41 business and civil society groups sent a letter to every member of the U.S. House of Representatives and U.S. Senate urging them to co-sponsor the Incorporation Transparency and Law Enforcement Assistance Act (S. 1483/ H.R. 3416). This bipartisan bill, which is endorsed by the Obama Administration, would require companies to disclose their ultimate owners at the time of incorporation, making it much harder for corrupt politicians, tax dodgers, terrorists and other criminals to form and hide behind anonymous U.S. shell companies.
TO THE EDITOR:
Holman W. Jenkins Jr.’s ambivalent portrait of the Wal-Mart of Mexico bribery scandal in his April 25 Business World column “Wal-Mart Innocents Abroad” overlooks the fact that bribery is not a victimless crime. If the allegations are true, Wal-Mart was bribing local government bureaucrats to skirt environmental regulations, rewrite zoning laws and intentionally expand itself faster than any of its competitors could possibly, legally, match.
GFI Spokespeople Available for Comment on Apple, Tax Avoidance, Transfer Mispricing, Tax Haven Abuse
WASHIGNTON, DC – A front-page article in Sunday’s edition of The New York Times drew attention to shady accounting techniques utilized by Apple Inc, the technology giant, to avoid paying billions of dollars in taxes each year. However, Global Financial Integrity (GFI) notes that Apple’s tax dodging is only one example of a larger problem: most multinational enterprises abuse tax haven secrecy. Tax haven abuses are estimated to cost the Internal Revenue Service US$100 billion per year and developing economies roughly US$1 trillion annually.
