Global Financial Integrity
Proposed Rule Would Require Banks to Report Information on the U.S. Accounts of Foreigners
WASHINGTON, DC – The U.S. Treasury Department will hold a hearing tomorrow on a proposed rule requiring banks to report information to the Internal Revenue Service (IRS) on bank accounts held by non-U.S. residents. Currently, U.S. banks are not required to give the U.S. government information about these types of accounts.
Study Finds 48 Poorest Countries Lost US$197 Billion From 1990-2008; Serious Impediment to Development Efforts
ISTANBUL, Turkey – A United Nations Development Program (UNDP) commissioned report from Global Financial Integrity (GFI) on illicit financial flows from the Least Developed Countries (LDCs) was presented for discussion yesterday at the United Nations IV Conference on Least Developed Countries hosted by the Republic of Turkey.
Global Financial Integrity
Financial Reform Coalition to Showcase New Initiatives, News, and Analysis
WASHINGTON, DC – Starting Monday, May 9th Global Financial Integrity (GFI) will feature content from the Financial Accountability and Corporate Transparency (FACT) coalition in the Resources section of the www.gfip.org website or through http://fact.gfip.org.
Hans Hessel-Andersen
Global Financial Integrity
Remarks to Focus on Illicit Outflows from Africa, Country-by-Country Reporting
COPENHAGEN, Denmark – Global Financial Integrity (GFI) Director Raymond Baker will deliver remarks Tuesday, May 3rd as part of the Danish Ministry of Foreign Affairs’ 2011 Danida Days development conference followed by an appearance the same day before the Foreign Affairs Committee of the Danish Parliament.
Krishen Mehta
Global Financial Integrity
How does capital flight work and how big a problem is it? Krishen Mehta of Global Financial Integrity (GFI) explains that in total, developing countries lose close to $1 trillion every year, of which 65 percent is related to commercial tax evasion.
The budget 2011 is one among a series of budgets in the medium term that seeks to consolidate the Central government’s fiscal deficit and this is in line with what I had expected. Fiscal consolidation is mainly driven by revenue growth and steps in that direction are crucial in order to reconstitute fiscal space.
Fiscal space means the government can launch a well-targeted expansionary expenditure policy so as to boost investments in infrastructure. Massive increases in infrastructure are needed in order to raise India’s potential rates of economic growth in the long run and to achieve better balance in growth rates among India’s states. The Budget seems to recognise the need to boost growth rates in some lagging areas where there is widespread discontent that is driving certain insurgency groups like the Naxalites. Better balance in economic growth will help to achieve national cohesiveness.
Swift Action, Transparency and Collaboration Critical in Tackling Corruption
WASHINGTON, DC – Global Financial Integrity (GFI) joined 76 civil society organizations in calling upon the G20 to take action on corruption. In a letter submitted to G20 officials last week, the civil society groups affirmed their support for the G20’s work combating corruption, urged swift action and made recommendations.
Rumors spread today about the potential departure of Egyptian President Hosni Mubarak, but just last week, the President assured the Egyptian people that he loves his homeland, is proud of his service, and plans to live out his daysin Egypt after he graciously steps aside. And why shouldn’t he love his country? As president he and his family allegedly amassed an enormous fortune, some estimate as much as $40 to $70 billion, believed to be stashed in British and Swiss banks and invested in properties from London to Manhattan to Rodeo Drive. And while he is the corruption bogeyman of the hour, among world leaders he may well represent the rule and not the exception. Mubarak’s fortune points to a story behind the story. It is yet another example of the ease with which corrupt, criminal, and commercially tax evading money can be hidden, moved, and laundered in the global shadow financial system.
