U.S. President Urged to Join David Cameron’s Call for Public Registries of Beneficial Ownership Information at G8 Summit Next Week

Multilateral Automatic Exchange of Tax Information Should Be Global Norm, Expanded to Developing Countries

Country-by-Country Reporting by Multinational Companies Essential to Deter & Expose Abusive Tax Dodging

June 14, 2013
Clark Gascoigne, +1 202 293 0740 x222

WASHINGTON, DC – As G8 leaders prepare to meet Monday and Tuesday in Northern Ireland, Global Financial Integrity (GFI) called on U.S. President Barack Obama to take aggressive action to curtail illicit financial flows and support public disclosure of corporate ownership information as essential to reducing crime, corruption, tax evasion, and terrorist financing.  Under the leadership of British Prime Minister David Cameron, the G8 Summit is expected to focus on curbing abusive tax dodging and corruption.

“President Obama has the opportunity to serve as the lynchpin of a global deal cracking down on the most damaging problem in the international financial system,” said Raymond Baker, President of GFI and a longtime authority on financial crime. “Illicit financial flows drain roughly $1 trillion per year from developing countries.  Tax haven secrecy and anonymous shell companies facilitated the illegal outflow of roughly $261 billion from the Greek economy in the lead-up to the European debt crisis, and tax haven abuse is estimated to cost U.S. taxpayers roughly $150 billion per year.  Illicit financial flows facilitated by tax haven secrecy and anonymous shell companies are a global epidemic undermining rich and poor nations alike.”

European Parliament Passes Landmark Transparency Provisions for Oil, Gas, Mining, and Logging Companies

Canadian PM Harper Announces Intent to Adopt Similar Policies for Canadian Firms

G8 Urged to Make Disclosure Global Norm at Next Week’s Summit; Expand Country-by-Country Reporting to Firms in All Sectors

June 12, 2013
Clark Gascoigne, +1 202 293 0740 x222

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.

"The new transparency rules in Europe and the announcement from the Canadian Prime Minister are two key advancements for anyone who cares about fighting poverty, protecting investors, making markets more efficient, or reducing corruption,” remarked GFI Director Raymond Baker. "Our research shows that the developing world loses roughly US$1 trillion per year to crime, corruption, and tax evasion. This is a systemic problem caused largely by the opaque, secretive global financial system. For citizens of resource-rich countries, the new EU rules—as well as the potential Canadian rules—will shine a light in places that need it most."

UN High-Level Panel on the Post-2015 Development Agenda Makes Reducing Illicit Financial Flows and Tax Evasion an Explicit Anti-Poverty Goal

GFI Calls on G8 Leaders to Now Take Action at Northern Ireland Summit

June 6, 2013
Clark Gascoigne, +1 202 293 0740 x222

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 making the curtailment of illicit financial flows and tax evasion an explicit goal of the global anti-poverty agenda following the expiration of the Millennium Development Goals in 2015.  The report from the HLP, published late last week, follows the release of a new joint study by GFI and the African Development Bank which found illicit financial outflows drained roughly $1.3 trillion from Africa over the past thirty years, making the continent a net creditor to the rest of the world of up to $1.4 trillion.

“This is a big development and a major advancement for the world’s poor,” said GFI President Raymond Baker. “In making the curtailment of illicit financial flows a priority, the High Level Panel is truly confronting one of the major, underlying causes of extreme poverty.”