Global Financial Integrity

GFI Honors Sen. Carl Levin

On December 14, 2011, Global Financial Integrity hosted its yearly award gala and presented its 2011 annual Award for Exemplary Leadership to U.S. Senator Carl Levin.

On International Anti-Corruption Day, the US Should Not Enable Corruption

Heather Lowe

Equatorial Guinea is a tiny nation of just 700,000 people, but it is rich in oil and other natural resources. President Teodoro Obiang, Teodorin’s father, has ruled the country since 1979. During that time, he has amassed a massive fortune, including over $700 million that Fortune Magazine estimated Obiang and his government stashed in one U.S. bank as recently as 2006.

They are using the state’s natural resource wealth to enrich the regime and the Obiang family.  For example, the U.S. Government has alleged that in his position as Minister of Agriculture, Teodorin imposed a “revolutionary tax” on timber and insisted that the tax be paid in either cash or by check, made out to a company owned by Teodorin.

Amid Unrest in Moscow, Research Finds Russia Lost $501.3 Bln in Illicit Financial Flows from 2000-09

Clark Gascoigne, +1 202 293 0740 ext. 222

Nation Was Third Largest Hemorrhager of Illicit Flows Worldwide According to Forthcoming Global Financial Integrity Report

WASHINGTON, DC – Russia hemorrhaged over US$501 billion in illicit financial outflows in the ten years following Vladimir Putin’s rise to power according to a forthcoming report from Global Financial Integrity (GFI), a Washington-based research and advocacy organization.  The study, Illicit Financial Flows from Developing Countries over the Decade Ending 2009, finds the nation lost more than US$50 billion per year from 2000 through 2009—making it the third largest victim of illegal capital flight.

Illicit Financial Outflows from Ethiopia Nearly Doubled in 2009 to US$3.26 Bln, Says New GFI Report

Clark Gascoigne, +1 202 293 0740 ext. 222

African Nation Lost US$11.7 Billion in Illegal Capital Flight from 2000 through 2009, Writes GFI Economist

WASHINGTON, DC – Corruption, kickbacks and bribery are on the rise in Ethiopia, according to a forthcoming report from Global Financial Integrity, a Washington-based research and advocacy organization.  According to the study, illicit financial flows out of the African nation nearly doubled to US$3.26 Billion in 2009 over the previous year, with corruption, kickbacks and bribery accounting for the vast majority of that increase.

Syria Lost US$23.6 Billion in Illicit Financial Outflows from 2000-2009, Says Forthcoming GFI Report

Clark Gascoigne, +1 202 293 0740 ext. 222

New Blog Post from Report Co-author Says Illegal Capital Flight from the Middle East Nation Likely Accelerating

WASHINGTON, DC – A forthcoming report from Global Financial Integrity (GFI) finds Syria lost US$23.6 billion to corruption, crime and tax evasion from 2000-2009, writes GFI Economist Sarah Freitas in a new blog post on the website of the Task Force on Financial Integrity and Economic Development (financialtaskforce.org).

House Bill Introduced to Crack Down on Abusive American Shell Companies

Clark Gascoigne, +1 202 293 0740 ext. 222

Legislation Would Help Prevent Criminals and Tax Evaders from Laundering Their Ill-Gotten Gains, Provide Crucial Information Access for Law Enforcement

WASHINGTON, DC – Yesterday, Rep. Carolyn B. Maloney (D-NY), Rep. Barney Frank (D-MA) and Rep. Stephen F. Lynch (D-MA) introduced legislation, which would require that the beneficial owners of corporations and limited liability companies (LLCs) be disclosed at the time companies are formed.  Anti-corruption watchdogs, law enforcement groups, and human rights organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act, a crucial tool in aiding law enforcement and keeping criminal and tax evading money out of the United States.

G20 Commits to Addressing Illicit Financial Flows, Links Tax Haven Secrecy to Poverty

Clark Gascoigne, +1 202 293 0740 ext. 222

More Needs to Be Done to Implement Automatic Exchange of Tax Information-GFI

Summit Declaration Calls for More Work to Prevent Abuse of Corporate Vehicles

WASHINGTON, DC – Global Financial Integrity (GFI) praised the G20 today for its commitment to tackle the issue of illicit financial flows and crack down on tax haven secrecy.  In the final declaration and its appendices published at the conclusion of a two-day summit in Cannes, the 20 largest economies committed to “deal effectively with tax havens and non cooperative jurisdictions including the fight against illicit capital flows considering their impact on development.”

Global Financial Integrity Urges G20 to End Tax Haven Secrecy in Cannes

Clark Gascoigne, +1 202 293 0740 ext. 222

Over 40,000 People Call on G20 Leaders to Tackle Tax Haven Secrecy, Illicit Financial Flows

CANNES / WASHINGTON – Global Financial Integrity (GFI) today joined over 40,000 people from around the world calling on G20 leaders to end tax haven secrecy when they meet this week in Cannes, France.