Country Loses Over US$50 Billion Per Year; Second Highest Illicit Financial Outflows in Developing World
WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” released this week shows that Russia has the second highest measured illicit outflows out of the developing world–US$427 billion from 2000-2008, an average of US$53 billion per year.
Developing Countries Lost Roughly $6.5 Trillion in Illicit Financial Outflows from 2000 through 2008, $2.18 Trillion From China Alone
WASHINGTON, DC – Global Financial Integrity (GFI) released its annual analysis of the cost of crime, corruption, and trade mispricing on developing countries today. The report, “Illicit Financial Flows from Developing Countries: 2000-2009,” finds that approximately US$6.5 trillion was removed from the developing world from 2000 through 2008. The report also examines illicit flows from Asia, which produced the largest portion of total outflows, and makes projections for 2009. (Full report 3.35 MB, Tip Sheet 172KB).
New Global Financial Integrity Report on Illicit Financial Flows out of the Developing World to Be Released Tuesday, January 18th
WASHINGTON, DC – A new report from Global Financial Integrity (GFI), “Illicit Financial Flows from Developing Countries: 2000-2009,” includes data on Tunisia, which GFI estimates is losing more than a billion U.S. dollars per year to illicit financial activities and official government corruption.
Global Financial Integrity
New Haven Declaration on Corporate Financial Transparency Brings Together Unique Coalition of Asset Management Firms and Civil Society Organizations
WASHINGTON, DC – A unique coalition of asset management firms and civil society organizations issued a statement today committing to call on governments and relevant multilateral institutions to establish a country-by-country financial reporting standard for multinational corporations. The “New Haven Declaration on Corporate Financial Transparency” establishes links between corporate accountability, business practices, and economic development and poverty alleviation. New Haven statement signatories include groups like Trillium Asset Management and Wealth for the Common Good and represent $20 billion in combined assets under management.
New Blog Post Reveals Mexican Economy Lost US$462 billion between 2000 and 2008
WASHINGTON, DC – As drug violence in Mexico spirals out of control, a new blog post published today on the website of the Task Force on Financial Integrity & Economic Development reveals that the Mexican economy is losing over US$50 billion per year in illicit financial outflows. Citing data from GFI’s forthcoming report, Illicit Financial Flows from Developing Countries: 2000-2009, Global Financial Integrity Economist Karly Curcio states that, between 2000 and 2008, total illicit financial outflows from Mexico totaled US$462 billion.
WASHINGTON, DC — Global Financial Integrity (GFI) marks the passing of George Vojta, a distinguished and luminary figure in the financial world. GFI director, Raymond Baker, issued the following statement following the news of Mr. Vojta’s passing:
Accepted Award at Gala Dinner in Washington, DC
WASHINGTON, DC — Friday evening, Global Financial Integrity (GFI) presented its 2010 award for Exemplary Leadership to European Parliament Member Eva Joly in honor of her tireless work against corruption and fraud. Ms. Joly accepted the award at a gala dinner held in her honor at a private club Friday evening, December 10, 2010 in Washington, DC.
This year’s International Anti-Corruption Day is marred by a U.S. Chamber of Commerce attempt to weaken the Foreign Corrupt Practices Act (FCPA), our nation’s flagship anti-corruption legislation. Passed in 1977, the FCPA was a response to eroded public trust in government following the Watergate scandal and the admission by Lockheed and some 400 other American companies that bribery to foreign officials was a commonplace practice in international commerce.
The U.S. FCPA stood virtually alone on the global stage in the fight against corruption until the late 1990s, when other nations began adopting similar prohibitions. Today, the FCPA is buttressed by the UN Convention Against Corruption, a similar document binding members of the Organization for Economic Cooperation and Development, regional commitments, and a significant focus on the issue by the G20.
