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).
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.
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.”
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.
Use of “In Rem” Legal Proceedings Major Step in Battle Against Corruption
WASHINGTON, DC – Global Financial Integrity welcomed efforts by the U.S. Department of Justice (DOJ), to seize over $70.8 million in corrupt wealth from Teodorin Obiang, the infamous son of the President of Equatorial Guinea.
U.S. Discloses Action to Seize Kleptocrat’s Loot; In Separate Report, UNODC Measures Laundered Funds at $1.6 Trillion in 2009
WASHINGTON, DC – The past twenty-four hours has seen the publication of two reports and the disclosure of an asset forfeiture complaint which, collectively, lay bare the size and seriousness of a global money laundering epidemic—underscoring the need for better incorporation transparency measures.
Country-by-Country provisions in newly released European Commission a welcome step forward but more action is needed, says Global Financial Integrity
WASHINGTON, DC – The European Commission published a long-awaited proposal today, which included measures building upon, and expanding, multinational company reporting rules in the extractive industries. Transparency proponents noted that the move should spur action on the part of the Securities and Exchange Commission (SEC) to finalize implementing rules for similar legislation adopted as part of the Dodd-Frank Wall Street Reform Act.
Specific Measures Needed to Ensure that Financial Institutions Become More Transparent and Accountable for Deposit of Illicit Finances
WASHINGTON, DC – In reaction to the recently released communiqué from the G20 Finance Ministers’ meeting in Paris last week, Global Financial Integrity (GFI) voiced disappointment and urged the G20 to move beyond “piecemeal regulations” and adopt comprehensive reforms to create greater transparency and accountability in the world’s financial system.
