Examines Role of Tax Evasion, Corruption, Trade Mispricing
WASHINGTON, DC — “The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008,” released today from Global Financial Integrity (GFI), estimates that tax evasion, crime, and corruption have removed gross illicit assets from India worth US $462 billion. The report also finds that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from the country. Moreover, the report finds that the poor state of governance is reflected in a growing underground economy which in turn has fueled more transfers of illicit capital from India. This analysis is cast in terms of a pre- and a post-reform period spanning a total of 61 years since independence.
Global Financial Integrity
WASHINGTON, DC – Global Financial Integrity (GFI) applauds Harrington Investments, Inc.’s decision to file shareholder resolutions with Citigroup, Bank of American and JPMorgan Chase, calling for the adoption of a policy position addressing the systemic use of the U.S. financial system to both shelter illicit funds and transfer them internationally.
Global Financial Integrity
Greater Accountability Would Improve Development and Rights, Alleviate Poverty
WASHINGTON, DC – The United States should press for greater transparency and accountability in the global financial system at the G20 Summit meeting in Seoul, a coalition of civil society organizations said today. The G20 Advocacy Coalition brings together varied organizations – that share the view that increased transparency is essential to promoting economic development, alleviating poverty and realizing enjoyment of economic and social rights.
Data Part of a Forthcoming Global Financial Integrity Report on Illicit Outflows from the Developing World
WASHINGTON, DC – A new blog post published today on the website of the Task Force on Financial Integrity & Economic Development sheds light on the economic challenges facing Venezuela under its current leadership. The post reveals new numbers from an upcoming Global Financial Integrity report on illicit financial flows (IFF) out of the developing world and explains the linkages between IFFs, poverty, censorship and corruption.
New GFI Blog Post Explores Link between Corruption, Poverty, and Violence against Whistleblowers in India
Post features advance look at numbers from upcoming GFI report on illicit financial flows from India; country lost over US$125 billion in illicit outflows between 2000-2008
WASHINGTON, DC – Following a Washington Post story published yesterday about recent violent crimes in India against whistleblowers, Global Financial Integrity published a post revealing new numbers from an upcoming GFI report on illicit financial flows (IFF) from India and explaining linkages between IFFs, poverty, corruption, and crime.
WASHINGTON, DC—Global Financial Integrity (GFI) is featured in an in-depth profile piece appearing in the tax news publication, Tax Notes International, which hit newsstands this week. The article features interviews with GFI director Raymond Baker, managing director Tom Cardamone, and legislative affairs director Heather Lowe in addition to discussing GFI’s work on such issues as transfer pricing, new legislation on tax compliance, and beneficial ownership.
Global Financial Integrity
WASHINGTON, DC—The delay of implementation of the UK Bribery Act until April 2011 is a setback to international anti-corruption and economic development efforts in the world’s poorest countries. UK officials announced today that the bill, adopted in April, would not be put into effect for another six months.
Global Financial Integrity
New Reporting Requirements a “Game Changer” in Extractive Industries Sector
WASHINGTON, DC—A provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in the Senate today, will require energy and mining companies registered with the Securities and Exchange Commission (SEC) to report payments to foreign governments for the extraction of oil, gas, and minerals on a country-by-country basis.
