NEW YORK – The President announced his intention today to advocate for Congress to adopt laws requiring the disclosure of beneficial ownership for corporations at the time of company formation, an idea already proposed by Senators Carl Levin and Chuck Grassley in S. 1483, the Incorporation Transparency and Law Enforcement Assistance Act, as well as a U.S. commitment to implement the Extractive Industries Transparency Initiative (EITI), as part of the launch of the new government transparency initiative, the Open Government Partnership.
Reforms Will Discourage Abusive Offshore Tax Haven Schemes, Says Global Financial Integrity
WASHINGTON, DC – Proponents of tax fairness and financial accountability applauded the news yesterday of the Senate’s passage of patent-reform legislation containing a provision to eliminate tax strategy patents.
New Documentary Exposes the Shocking Truth Behind the Infamous Ponzi Scheme Scandal
WASHINGTON, DC – Comparable to the dogged pursuit of Al Capone by Eliot Ness, “Chasing Madoff” is the compelling story of Harry Markopolos and his team of investigator’s ten-year struggle to expose the truth behind the infamous Bernie Madoff scandal. Over the course of a decade, Markopolos pieced together a chain of white-collar crooks including international bankers, lieutenants, and henchmen, linked to Madoff’s devestating Ponzi scheme.
Global Financial Integrity Calls for Automatic Exchange of Tax Information
WASHINGTON, DC – Amidst speculation over details of a possible tax agreement between Switzerland and Britain, Global Financial Integrity (GFI) reiterated the message that a broader, global solution to illicit financial practices and banking secrecy is needed.
GFI’S Heather Lowe to Deliver Remarks on Impact of Illicit Financial Flows, Financial Secrecy at High-Level Tax Policy Conference
WASHINGTON, DC – Global Financial Integrity’s Legal Counsel and Director of Government Affairs, Heather Lowe, will deliver remarks at the Brazilian Council of Economic and Social Development’s International Seminar on Fiscal Justice on Wednesday, August 10, 2011. Ms. Lowe’s remarks will be part of the seminar’s fiscal policy, productivity and competitiveness panel.
Legislation Would Prevent Criminals and Tax Evaders from Laundering Illicit Money through U.S. Financial Institutions, Provide Crucial Information Access for Law Enforcement
WASHINGTON, DC – Senators Carl Levin (D-MI) and Chuck Grassley (R-IA) introduced bi-partisan legislation today, which would require companies to disclose the names of the beneficial owners of corporations and limited liability companies (LLCs) when formed. Anti-money laundering proponents, law enforcement groups, and financial transparency organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act of 2011, a crucial step toward strengthening law enforcement and keeping criminal and tax evading money out of the U.S.
On September 11, 2001, I was in London. The television images of massive destruction and certain death were no less real for being an ocean away. My wife, departing that morning but turned back to London in mid flight, could not grasp what she was hearing until she, too, saw the falling towers of the World Trade Center and the hole blown into the Pentagon and learned of the flight that went down in Pennsylvania.
New Legislation Would Close Offshore Tax Loopholes, Increase Financial Transparency and Accountability
WASHINGTON, DC – Representative Lloyd Doggett will introduce the “Stop Tax Haven Abuse Act” today, taking aim at offshore tax haven abuses, which cost the U.S. Treasury approximately $100 billion in lost tax revenue per year. The bill contains an array of provisions which would permanently close offshore tax loopholes, raise revenue, and increase transparency and accountability for multinational businesses. A Senate version of the bill was introduced by Senator Carl Levin on July 12 and was cosponsored by Senators Bill Nelson, Sanders, Shaheen, and Whitehouse. The legislation is supported by business leaders and public interest groups including Global Financial Integrity.
