Claims of Dire Economic Consequences ‘Unfounded;’ U.S. Citizens Already Required to Disclose Information
WASHINGTON, DC – The U.S. Treasury Department is finalizing a regulation (REG-146097-09) that would require that the interest earned on the U.S. bank accounts of non-resident aliens be reported to the Internal Revenue Service (IRS), as is currently required for U.S. citizens. The proposed IRS regulation has been touted as an important tool in the fight against international tax evasion, money laundering, drug trafficking, corruption, and terrorist financing. However, a small group of legislators have introduced a bill (H.R. 2568) that would prevent the Treasury from taking such action.
Greater Scrutiny of Link between U.S. Chamber and Companies Charged Under FCPA Needed, says Global Financial Integrity
WASHINGTON, DC – News that Rupert Murdoch’s News Corp. donated $1 million to the U.S. Chamber of Commerce (Chamber) months before the Chamber issued a proposal to relax elements of the nation’s flagship anti-corruption legislation, the Foreign Corrupt Practices Act (FCPA), highlights the need to fully understand the ties between the Chamber and companies charged under the FCPA.
Global Financial Integrity Urges SEC to Issue Final Rule on Cardin-Lugar Provision of Dodd Frank Wall Street Reform Act, as Signed into Law July 2010
WASHINGTON, DC – One year out from passage of the Dodd-Frank Wall Street Reform Act and three months after it was supposed to come into effect, a key anti-corruption and transparency measure—the Cardin-Lugar provision (Section 1504)—is still sitting on the Securities and Exchange Commission’s (SEC) drafting board. The provision to require oil, gas, and mineral companies to disclose payments made to foreign governments is considered an historic move towards shedding light on the operations of a multi-billion dollar industry.
New Legislation would close offshore tax loopholes, increase financial transparency and accountability
WASHINGTON, DC – Senator Carl Levin introduced the “Stop Tax Haven Abuse Act” today, taking aim at offshore tax haven abuses which cost 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. The bill is cosponsored by Senators Bill Nelson, Sanders, Shaheen, and Whitehouse, and is supported by business leaders and public interest groups including Global Financial Integrity.
New Government Initiative Will Focus on Promoting Transparency and Fighting Corruption
WASHINGTON, DC – Global Financial Integrity’s Director of Government Affairs and Legal Counsel, Heather Lowe, will participate in a high-level meeting of governments and civil society at the U.S. Department of State on Tuesday, July 12, at which U.S. Secretary of State Hillary Rodham Clinton and Brazilian Foreign Minister Antonio Patriota will launch the Open Government Partnership (OGP). The Open Government Partnership is a new, multilateral initiative that aims to secure concrete commitments from governments to promote transparency, empower citizens, fight corruption, and harness new technologies to strengthen governance.
As UK Bribery Act Goes Into Effect, Challenges To US Anti-Corruption Law Remain
WASHINGTON, DC – After nearly a year of delays, the UK Bribery Act went into effect on July 1st. The act mandates stiff penalties, including up to 10 years in jail, for bribes paid by any business with a UK presence. In an ironic twist, while the UK Act is being touted as an extension to its cross-Atlantic counterpart, the U.S. Foreign Corrupt Practices Act (FCPA), anti-bribery proponents charge that the FCPA is under attack.
Investigative piece sheds light on lax US incorporation practices
CHEYENNE/ATLANTA – An investigative piece published by Reuters today, “A little house of secrets on the Great Plains” looks at the lax incorporation requirements of US states with a focus on Wyoming Corporate Services, “a business-incorporation specialist that establishes firms which can be used as ‘shell’ companies, paper entities able to hide assets.” The “little house” in this case, is a 1,700-square-foot brick house in holds more than 2,000 registered companies.
Global Financial Integrity
Raymond Baker will meet with high-level government officials, civil society organizations, journalists
NEW DELHI, India; Global Financial Integrity (GFI) Director Raymond Baker will travel to India this week for meetings with government officials, journalists, and civil society organizations. Mr. Baker will also deliver remarks at a press conference Friday afternoon.
