Official Statement is Heavy on Promises, Short on Action
WASHINGTON, DC — The G20 Summit in Toronto June 27th-28th was heavy on promises and lean on concrete action items, notes the Task Force on Financial Integrity and Economic Development. While the G20 expressed a strong desire to “close the development gap,” increase transparency, and tackle corruption and money laundering, there was a notable lack of language indicating an understanding of the interconnected nature of these different problems.
G20 Pledges to Help Poor Meet MDGs: Financial Transparency Can Help
TORONTO, Canada – The world’s largest economies hinted today that they will consider increasing Official Development Assistance to poor countries as a way to help them meet the Millennium Development Goals. The Task Force on Financial Transparency and Economic Development calls on the G20 nations to institute financial transparency measures which will result in additional resources that can be used to meet those development targets.
Tom Cardamone
Last December an ageing Russian Ilyushin Il-76 cargo plane flying from Pyongyang, was detained during a scheduled refueling stop in Bangkok. When the belly of the plane was inspected security personnel found 35 tons of illicit military equipment that, it was later discovered, was on its way to Iran. While it is a positive development that the $18 million cargo of rockets, surface-to-air missile launchers and rocket-propelled grenades was detected before reaching its intended destination, the arms shipment was anything but a rare occurrence. Worse, the shadowy world of shell companies, nominee directors and multi-jurisdictional layering of corporate entities, which are at the heart of this affair, was left completely intact. Fortunately, the G20 nations can play a hugely positive role in ameliorating this growing problem.
Global Financial Integrity
Director Raymond Baker and Director of Government Affairs Heather Lowe Appear in Latest Issue of the American Interest
WASHINGTON, DC — Pieces authored by Global Financial Integrity (GFI) director Raymond Baker and GFI director of government affairs Heather Lowe appear in the latest issue of the American Interest. The July/August edition of the bimonthly publication hits newsstands this week and may be viewed online at www.the-american-interest.com/.
Global Financial Integrity Director Raymond Baker spoke Thursday, June 3rd, 2010 at the United Nations Headquarters in New York on the topic of “Innovative Development Financing Initiatives Under Development” as part of an informal event on innovative sources of development finance.
Global Financial Integrity
New Disclosure Rules for Hong Kong Stock Exchange Will Improve Investment Climate, Transparency and Accountability
WASHINGTON, DC—New disclosure rules going into effect today for petroleum and mineral companies listed with the Hong Kong stock exchange (HKEx) will increase transparency and accountability in the extractive industries sector with beneficial implications for Hong Kong’s investment climate, said Global Financial Integrity (GFI).
Offshore Clearinghouse is Systemic Product of a Lack of Transparency; Senate Leadership Decision to Prevent Vote on Amendment is Troubling
WASHINGTON, DC – The fate of a crucial element of financial reform efforts, an amendment proposed to the Financial Stability Reform Act by Senators Carl Levin ((D-MI) and Jeff Merkley (D-OR) is in limbo ahead of a cloture vote scheduled to take place on the Senate floor later today. The proposed amendment-which will reportedly be prevented from receiving a vote on the Senate floor-will ban banks from proprietary trading, and its omission from the financial reform bill would set back critical efforts to increase transparency in offshore financial markets, said Global Financial Integrity today.
New Report from Global Financial Integrity Tracks Hundreds of Billions in Illicit Finances to Points of Deposit
WASHINGTON, DC—A report released today from Global Financial Integrity (GFI) examines where trillions of dollars in illicit finances—the proceeds of crime, corruption, and tax evasion are being deposited.
