WASHINGTON, DC – Global Financial Integrity (GFI) welcomes John Heimann as the newest member of its advisory board.
“John Heimann brings considerable experience and expertise to our advisory board,” Said GFI Director Raymond Baker. “We are very excited to have him with us as we embark on a variety of critical illicit finance projects.”
WASHINGTON, DC – Global Financial Integrity (GFI) advisory board member Ngozi Okonjo-Iweala will join senior officials from the 140 States that are Parties to the United Nations Convention against Corruption (UNCAC) at the second conference of parties in Bali, Indonesia, from January 28th to February 1st 2008.
On Fourth Annual International Anti-Corruption Day, Global Financial Integrity Urges Legislative, Executive Action to Combat Corruption
WASHINGTON, DC – Today, as countries around the world observe International Anti-Corruption Day, Washington, DC-based research and advocacy organization Global Financial Integrity (GFI) calls upon the President and Congress to take a critical step against corrupt government officials by mandating that corruption be among the criteria used in compiling the annual State Department Country Report on Human Rights.
I want to talk about two things this morning. One, the international structure that supports the flow of illicit money across borders, and two the harmful impact these illicit flows have on economic growth and poverty alleviation in poorer countries.
To begin, let’s get a simple picture of global poverty and inequality fixed in our minds.
Convened by the Government of Norway
Remarks by Raymond W. Baker
Secretary Stenhammer, Ambassador Lovald, Eva Joly, David Spencer, ladies, and gentlemen. Thank you very much for convening this opportunity to discuss cross-border illicit financial flows and their impact on development.
2007 marks the 46th year of my involvement in the developing countries. I lived 15 years in Nigeria and over more than 30 additional years have now done business or research in some 60 developing and transitional economies. Across these years I have become a critic of corruption and poor governance and weak institutions in many countries. Having said this, I have become an even stronger critic of our—the West’s—facilitating role in corruption, poor governance, and weak institutions in many poorer countries. This has been the driving force of my interest for years.
WASHINGTON, DC – Global Financial Integrity (GFI) welcomes the World Bank’s pending study on illicit financial flows out of developing countries and thanks the Norwegian government for its important contributions to this research. GFI has been the leading organization calling for such a study, most recently at a conference titled “Illicit Financial Flows: The Missing Link in Development” held on June 28.
One-Half Trillion Dollars in Illicit Funds Exit Developing World Annually, Research Shows
An Estimated $250 Billion Lands in the United States
WASHINGTON, DC – Global Financial Integrity (GFI) announced today that it will lead a nationwide campaign to limit the ability of U.S. financial institutions to accept illicit funds for deposit from overseas clients. An estimated $1 trillion, which are illegally earned, transferred or utilized, are spirited across borders annually. Of this, $500 billion exits developing economies and up to half that amount ends up in American banks or other dollar denominated accounts. “This outflow of capital from developing nations constitutes the most damaging economic condition hurting the poor today,” said GFI Director Raymond Baker.
Last month, we marked the fourth anniversary of the Sept. 11 terrorist attacks, which jolted the United States to a new understanding of the terrorist threat. After the smoke cleared, a second alarm went off: How did the terrorists pay for the crime? With newfound resolve, the U.S. government has made headway in choking off the flow of terrorist money, freezing and seizing some $200 million worldwide, according to the U.S. Treasury Department.
For all the new attention to terrorist financing, the United States has come late to the game. The channels through which terrorists’ money flows have existed for years. Drug cartels, dictators and corporate directors long ago perfected the artful dodge. Terrorist financing is just one aspect of the larger problem of dirty money.