Learn About Illicit Financial Flows
Key Terms



Levin, Grassley Introduce Bill to Combat U.S. Corporations with Hidden Owners

WASHINGTON – Sen. Carl Levin, D-Mich., chairman of the Permanent Subcommittee on Investigations, and Sen. Chuck Grassley, R-Iowa, ranking member of the Senate Judiciary Committee, this week introduced the Incorporation Transparency and Law Enforcement Assistance Act to combat acts of terrorism, money laundering, tax evasion, and other wrongdoing facilitated by U.S. corporations with hidden owners. The bill would end the practice of the 50 States forming corporations for unidentified persons, and instead require the States to obtain the identities of the persons behind the corporations.


Levin Unveils Stop Tax Haven Abuse Act

WASHINGTON – Stating that “Uncle Sam can’t afford offshore tax abuses that are robbing the Treasury of $100 billion in lost revenue yearly and increasing the tax burden on honest, hardworking Americans,” Sen. Carl Levin, D-Mich., together with cosponsors Senator Bill Nelson, Sanders, Shaheen, and Whitehouse, today introduced legislation to close offshore tax loopholes and strengthen offshore tax enforcement.


Levin Floor Statement on Introduction of Stop Tax Haven Abuse Act

Mr. President, I am introducing today with my colleagues Senators Bill Nelson, Sanders, Shaheen, and Whitehouse, the Stop Tax Haven Abuse Act, legislation which is geared to stop the $100 billion yearly drain on the U.S. treasury caused by offshore tax abuses. Offshore tax abuses are not only undermining public confidence in our tax system, but widening the deficit and increasing the tax burden on middle America.


Norwegian State Secretary Delivers Speech At The Fourth UN Conference on Less Developed Countries

ISTANBUL – State Secretary Ingrid Fiskaa spoke at the Fourth UN Conference on the LDCs, identifying illicit financial flows due to trade mispricing, tax evasion, trafficking, the drugs and arms trade, and corruption as one of the structural causes of poverty as well as one of the major threats facing sustainable development, along with climate change, armed conflicts, and a lack of political and economic empowerment for women and girls.


U.S. Treasury Exposes Continued Efforts by Iran to Avoid Sanctions Against its Shipping Line

WASHINGTON – The U.S. Department of the Treasury today announced the designation of 37 front companies based in Germany, Malta, and Cyprus and five Iranian individuals for being owned or controlled by, or acting for or on behalf of, the Islamic Republic of Iran Shipping Lines (IRISL) and its affiliates. Today’s action, taken pursuant to Executive Order (E.O.) 13382, targets IRISL’s complex network of shipping and holding companies and executives and further exposes Iran’s use of its national maritime carrier to advance its illicit weapons of mass destruction (WMD) program and to carry military cargoes.


U.S. Attorney General Eric Holder’s Speech at the African Union Summit

U.S. Attorney General Eric Holder’s speech, as prepared for delivery, at the African Union Summit in Kampala, Uganda, where he announces that the U.S. Department of Justice is launching a new Kleptocracy Asset Recovery Initiative aimed at combating large-scale foreign official corruption and recovering public funds for their intended – and proper – use.


White House Statement on Transparency in the Energy Sector

The official statement by the White House Press Secretary on the Energy Security through Transparency (ESTT) provisions within the Wall Street Reform and Consumer Protection Act.


Official Obama Administration Statement of Policy on the House Amendment to Senate Amendment to American Jobs and Closing Tax Loopholes Act of 2010


The Administration strongly supports House passage of the House Amendment to the Senate Amendment to H.R. 4213. Passage of this legislation will provide much-needed relief to families, including extended access to health care benefits for workers who have lost their jobs and extended unemployment insurance benefits for millions of Americans who are looking for work. It will also provide critical assistance to hard-pressed States while encouraging continued job creation by America’s businesses. The importance of longer-term extensions for various authorities and programs – and the certainty that such extensions bring – has been highlighted by the severe problems caused by interruptions in authorities for these programs.


Geithner Written Testimony before the Senate Appropriations Committee

U.S. Treasury Secretary Timothy F. Geithner’s written testimony before the U.S. Senate Committee on Appropriations, Subcommittee on Financial Services and General Government discussing the Treasury Budget.


Joint Statement of the Merida Initiative High-Level Consultative Group on Bilateral Cooperation Against Transnational Organized Crime

US Department of State — Following is the joint statement issued by Secretary of State Clinton and Secretary of Foreign Affairs Espinosa who together with other senior government officials of the United States and Mexico met March 23, 2010 in Mexico City as the Merida Initiative High-Level Consultative Group…


Investigations Subcommittee Holds Hearing on Keeping Foreign Corruption Out of the United States: Four Case Histories


WASHINGTON – Corrupt foreign officials and their relatives have used gaps in U.S. law and the assistance of U.S. professionals to funnel millions of dollars in illicit money into the United States, an investigation by the Senate’s Permanent Subcommittee on Investigations has found. [PDF]


DOJ Statement on Annex in UBS Agreement

WASHINGTON – Deputy Attorney General David W. Ogden released the following statement regarding the announcement today by the Department of Justice and the Internal Revenue (IRS) regarding the results arising from previous settlements of civil and criminal cases against Swiss banking giant UBS AG. The Justice Department and IRS announced that over 14,700 taxpayers have come forward to report previously-undisclosed foreign bank accounts under the voluntary disclosure program the IRS implemented following the settlement. This figure represents almost double the initial numbers the IRS announced in October and dwarfs the number of voluntary disclosures received in 2008.

Pg 1 of 5 1234...Last