Krishen Mehta
Global Financial Integrity
Solutions to root causes of the huge levels of illegal immigration from Mexico to the United States deserve more attention. One cause of people leaving developing countries like Mexico is the outflow of financial resources from illicit activities. Stop this flow of capital, and countries would have the resources to create jobs and opportunity at home and stem the flow of people over our borders.
To do this, we must change our laws, which today make it far too easy for people from other countries to hide their ill-gotten gains here in America.
E.J. Fagan, +1 202 293 0740 ext. 227
WASHINGTON, DC – Global Financial Integrity (GFI) praised moves by the international anti-money laundering authority to crackdown on tax evasion and smuggling in new standards announced today, but expressed disappointment in the body’s failure to address anonymous corporate vehicles as a facilitator of financial crime.
WASHINGTON, DC – Anti-poverty groups and supporters of financial transparency today urged the oil industry to drop its attacks on a new law that will reduce corruption and reveal the money trail between industry and resource-rich governments.
Legislation Would Require Country-by-Country Reporting of Sales, Profits, Employees and Tax Payments by Multinationals
WASHINGTON, DC – Global Financial Integrity (GFI) today applauded the introduction of a bill, which would close several major tax loopholes and curtail abusive tax haven secrecy.
E.J. Fagan, +1 202 293 0740 ext. 227
Illicit Financial Outflows Average Over 5% of GDP, Driven by Underground Economy, Spiked in Wake of NAFTA
Study Recommends Policies Be Implemented to Address Trade Mispricing, Money Laundering, Tax Evasion
MEXICO CITY / WASHINGTON, DC – Crime, corruption and tax evasion cost the Mexican economy US$872 billion between 1970 and 2010 according to a new report from Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. The illicit financial outflows, which averaged a massive 5.2% of GDP, grew significantly over the 41-year period studied from just US$1 billion in 1970 to US$68.5 billion in 2010.
MEXICO CITY – Representatives from Global Financial Integrity will be holding a briefing on the report for journalists in the Doña Sol Room at the Hilton Mexico City Reforma Hotel in Mexico City on Monday, January 30, 2012 at 11am CST.
Proposals to Amend Foreign Bribery Law Could Significantly Undermine Human Rights, Commerce, U.S. Standing in the World
WASHINGTON, DC – Earlier today more than 30 civil society and business groups, including human rights and anticorruption organizations, sent a letter to every member of the U.S. House of Representatives and U.S. Senate expressing their opposition to any efforts to amend the world’s flagship anticorruption legislation, the U.S. Foreign Corrupt Practices Act (FCPA).
We learned some devastating news last month. A new study from Global Financial Integrity revealed that despite the onset of the global financial crisis in late 2008, the developing world still suffered nearly $1 trillion in illicit financial outflows in 2009, a number that is almost 10 times larger than the official development assistance they receive each year from Western economies like the United States, United Kingdom and Norway.
These outflows — the proceeds of crime, corruption and tax evasion — bleed developing economies of much-needed tax revenue, exacerbate income inequality, and fuel the underground economy. They undermine the rule of law, entrench corruption, and shrink developing nation economies at a time when they can least-afford it.
