Hundreds of billions that could have been used for poverty alleviation and economic development lost, finds new report from Global Financial Integrity
WASHINGTON, DC – Africa lost $854 billion in illicit financial outflows from 1970 through 2008, according to a new report to be released today from Global Financial Integrity (GFI). Illicit Financial Flows from Africa: Hidden Resource for Development debuts new estimates for volume and patterns of illicit financial outflows from Africa, building upon GFI’s ground-breaking 2009 report, Illicit Financial Flows from Developing Countries: 2002-2006, which estimated that developing countries were losing as much as $1 trillion every year in illicit outflows. The new Africa illicit flows report is expected to feature prominently at the 3rd Annual Conference of African finance ministers in Malawi, which is currently underway.
WASHINGTON, DC – A new report released today from Global Financial Integrity (GFI) on private, non-resident deposits in secrecy jurisdictions finds that the United States, United Kingdom, and the Cayman Islands are the most popular destinations for financial deposits by non-residents. Switzerland, Luxembourg, and Hong Kong also make the top 10 list of destinations.
Global Financial Integrity
Washington, DC – The Senate’s passage Wednesday of legislation requiring increased reporting and withholding by offshore financial centers marks a significant step forward in efforts to combat US tax evasion and banking secrecy, said Global Financial Integrity. The measures, part of the Foreign Account Tax Compliance Act (FATCA) subtitle of the Hiring Incentives to Restore Employment (HIRE) Act—which went to the President for his signature yesterday—are also predicted to generate $8.7 billion over 10 years.
Washington, DC — Developing country treasuries are losing approximately $100 billion dollars every year due to trade mispricing, according to a new report available today from Global Financial Integrity (GFI).
Global Financial Integrity
WASHINGTON, DC – The UK’s proposal to tackle tax evasion in developing countries by instituting multilateral tax information exchange agreements and requiring multinational corporations to provide country-by-country reporting of profits and revenue could help prevent the loss of as much as $1 trillion from developing countries every year, says Global Financial Integrity (GFI).
WASHINGTON, DC – Global Financial Integrity (GFI) launched its “G20 Transparency” campaign today, an international grassroots sign-on drive to collect 100,000 signatures on a petition calling for greater transparency in the global financial system. The petition will be delivered to Canadian Prime Minister Stephen Harper prior to the G20 meeting in Toronto at the end of June.
WASHINGTON, DC — The European Network on Debt and Development (EURODAD), comprised of 59 non-governmental organizations (NGOs) from 18 European countries working on debt, development finance, and poverty reduction, has joined the Task Force on Financial Integrity and Economic Development, Global Financial Integrity (GFI) announced today.
Arvind Ganesan
Thomas Pogge
Global Financial Integrity
In early December of last year, an unusual group of 40 organizations and individuals met at Yale University to discuss illicit capital flows out of developing countries, lack of transparency in the global financial system, and the impact these conditions have on human rights around the world. The meeting brought together experts from the fields of human rights and financial transparency to explore similarities in their work and develop a common agenda.
