WASHINGTON, DC – Global Financial Integrity (GFI) welcomed the introduction late Wednesday night in the U.S. House of Representatives of two pieces of legislation aimed at stemming the flow of trillions of dollars in dirty money through the U.S. financial system. The Washington, DC-based research and advocacy organization noted that the two bills would bring the United States in line with certain international anti-money laundering (AML) standards, target individuals responsible for laundering money, and bring an end to the abuse of anonymous U.S. shell companies.
WASHINGTON DC – Global Financial Integrity (GFI) expressed disappointment today at the decision by Judge John D. Bates of the United States District Court for the District of Columbia to vacate key extractive industry transparency rules. The decision prevents the rules from taking effect until the Securities and Exchange Commission (SEC) revises the rules to address the court’s concerns.
WASHINGTON, DC – Global Financial Integrity (GFI) lauded the European Parliament today for adopting new transparency rules for all EU listed extractive industries companies as well as all large, privately held extractive industries companies incorporated in the EU. Announced informally by European leaders in April, the rules were officially adopted by the Parliament Wednesday in what GFI referred to as a major victory for anti-corruption proponents. Also on Wednesday, the Canadian government announced that it intended to move forward to enact similar rules, a move lauded by GFI, a Washington, DC-based research and advocacy organization.
WASHINGTON, DC / LONDON – In a major victory for transparency advocates, British Prime Minister David Cameron called on members of the G8 and the European Union Wednesday to “break through the walls of corporate secrecy” that facilitates tax dodging, money laundering, and corruption—endorsing the disclosure of beneficial ownership information in central public registries. Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, lauded the statements by Mr. Cameron—included in a letter sent Wednesday to Herman Van Rompuy, President of the European Council—and the organization encouraged the United States, EU, and G8 to follow suit.
WASHINGTON, DC – Global Financial Integrity (GFI) today praised the United Nations High-Level Panel (HLP) of Eminent Persons on the Post-2015 Development Agenda for highlighting the need to tackle illicit financial flows and the role of tax havens as key to global development moving forward.
WASHINGTON, DC – In the wake of recent money laundering compliance failures at major U.S. and international banks, the U.S. Senate Committee on Banking, Housing, and Urban Affairs is currently scheduled to hold a hearing Thursday, March 7, 2013 entitled, “Patterns of Abuse: Assessing Bank Secrecy Act Compliance and Enforcement.” Heather Lowe, Legal Counsel and Director of Government Affairs at Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, issued the following statement in advance of the hearing.
WASHINGTON, DC – Global Financial Integrity (GFI) praised European Union leaders today for their commitment to requiring banks to disclose profits-made, taxes-paid, subsidiaries, and staff levels on a country-by-country basis, and the Washington, DC-based research and advocacy organization called upon the United States to follow Europe’s lead and adopt similar rules.
WASHINGTON, DC – According to media reports, the Governor of the Central Bank of Russia stated Wednesday that roughly $50 billion was illegally siphoned out of Russia in 2012, echoing research published last week by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, which estimated that an annual average of $62 billion was illicitly smuggled out of Russia in recent years.
WASHINGTON, DC – The Russian economy hemorrhaged US$211.5 billion in illicit financial outflows from 1994—the earliest year for which data is available following the dissolution of the Soviet Union—through 2011, according to a new report released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. The study, titled “Russia: Illicit Financial Flows and the Role of the Underground Economy,” also measures massive illicit inflows to the Russian economy of $552.9 billion over the 18-year time-span, raising serious questions about the economic and political stability of the nation currently chairing the G20.
WASHINGTON, DC – A 10-article exposé accompanied by a cover-page editorial in this week’s edition of The Economist highlights the damaging role of anonymous shell companies, banking secrecy, and lax money laundering regulations and enforcement in places like the United States, Great Britain, and offshore tax havens. The influential British magazine—which hits newsstands tomorrow—calls on developed western economies like the United States, Great Britain, and Europe to “focus… on cleaning up their own back yards and reforming their tax systems.”
WASHINGTON DC – In the midst of a Congressional and White House showdown over the impending sequestration, and growing calls for corporate tax reform, Senator Carl Levin (D-MI) and Senator Sheldon Whitehouse (D-RI) put forth the Cut Unjustified Tax Loopholes Act (S. 268, CUT Loopholes Act). This bill, which closes loopholes and strengthens enforcement measures against offshore tax haven abuse, could raise nearly $200 billion over ten years.
WASHINGTON, DC – Crime, corruption, and tax evasion cost the developing world $858.8 billion in 2010, just below the all-time high of $871.3 billion set in 2008—the year preceding the global financial crisis. The findings are part of a new study released today by Global Financial Integrity (GFI), a Washington-based research and advocacy organization.