New Report

Illicit Financial Flows to and from the Philippines: A Study in Dynamic Simulation, 1960-2011

  Illicit Financial Flows to and from the Philippines: A Study in Dynamic Simulation, 1960-2011

February 2013

A new report by Global Financial Integrity finds that US$410.5 billion in illicit financial flows moved into or out of the Philippines between 1960 and 2011.

Illicit financial flows, which are cross-border transfers of funds that are illicitly earned, transferred or utilized, represent a broad and accelerating problem for the Philippines. The report finds that trade misinvoicing cost the Philippine taxpayer US$23 billion in customs revenue since 1990, as 25% of the value of all goods imported into the Philippine went unreported to customs officials.

Read the report...


Featured Op-Eds

Developing Countries Are Being Undermined by Rich Nations' Greed

Australia's Complicity in Money Laundering Hurts the World's Poor

By Tom Cardamone and Clark Gascoigne
The Sydney Morning Herald
December 30, 2013

When you hear the words ''global development'' what comes to mind? Foreign aid? Malaria prevention? Humanitarian assistance?

These are all worthy causes, but the most damaging economic problem facing the world's poor today is the flow of illicit money leaving developing economies as a result of crime, corruption, and tax evasion. Two recent studies drive this point home.

Read More...

Why Bitcoin (and Other Cryptocurrencies) Will Inevitably Become Tools of the Rich, Powerful, and Criminal

By E.J. Fagan
Business Insider
December 3, 2013

Last week, an op-ed that I wrote for The Baltimore Sun prompted a lot of very strong reactions, both positive and negative. I argued that efforts to make Bitcoins functionally anonymous are very dangerous, because money laundering is inherently very dangerous.

To summarize my argument: transnational crime is a global business valued in the hundreds of billions of dollars, and criminals need a way to easily launder, move, and invest that money to make it worth the risk. I brought up two examples—rhino poaching and human trafficking—in the op-ed, but there are dozens more crimes (including drug trafficking and weapons smuggling) to which you can refer.

Read More at Business Insider...

 

What's New

    European Vote Increases Pressure on White House & Congress to Move

     

    Full EU Parliament Endorses Creation of Public Registries of Beneficial Ownership Information; Follows Earlier Committee Votes

     

    European Council Should Endorse Move to Curb Phantom Firms in Negotiations with Parliament

     

    March 11, 2014
    Clark Gascoigne, +1 202 293 0740 x222

     

    WASHINGTON, DC – Global Financial Integrity (GFI) praised the full European Parliament for voting today to crack down on anonymous shell companies, a major conduit for laundering the proceeds of crime, corruption, and tax evasion.


    Following similar votes by two committees of the EU Parliament last month, the full legislative body voted today in favor of requiring public registries of beneficial ownership information for companies incorporated in the EU, as part of its revisions to the EU’s Anti-Money Laundering Directive (AMLD).


    “We strongly praise the vote by the European Parliament to crack down on anonymous shell companies,” said GFI President Raymond Baker, a longtime authority on financial crime.  “As our research notes, nearly $70 billion flowed illegally into or out of emerging EU economies in 2011. Anonymous shell companies are the number one tool for laundering the proceeds of crime, corruption, and tax evasion.  Creating public registries of the true, human, ‘beneficial’ owner of each company—as the Parliament endorsed today—is a common sense approach to curbing financial crime and the tremendous flow of illegal money.”


    February 24, 2014
    Clark Gascoigne, +1 202 293 0740 x222


    WASHINGTON, DC – Global Financial Integrity announced today that Arvinn Eikeland Gadgil has joined its Advisory Council. GFI, a research and advocacy organization based in Washington DC, will benefit from Mr. Gadgil’s experience working to promote economic development and curtail illicit financial flows at the highest level.


    Mr. Gadgil is Director of Partnerships and Policy at the Norwegian Refugee Council in Oslo. Prior to his appointment in January 2014 he was Norway"s Deputy Minister for International Development from April 2012 to December 2013. Previously, he was Political Advisor to the Minister of Development. From 2006–2007 he worked in the South Asia and Afghanistan section in the Ministry for Foreign Affairs. Mr. Gadgil has also been posted to Afghanistan and worked for Development Fund Norway.


    Raymond Baker, President of Global Financial Integrity, said, “We could not be more pleased to welcome Arvinn Eikeland Gadgil to our advisory council. He has worked tirelessly to help developing countries build more robust, transparent economies. We look forward to receiving his guidance on how we can better craft and pursue our global agenda on curtailing illicit financial flows.”


    European Vote Raises Pressure on White House & Congress to Follow Suit


    EU Parliament Endorses Creation of Public Registries of Beneficial Ownership Information


    February 20, 2014
    Clark Gascoigne, +1 202 293 0740 x222


    WASHINGTON, DC – Global Financial Integrity (GFI) praised the European Parliament for voting today to crack down on anonymous shell companies, a major conduit for laundering the proceeds of crime, corruption, and tax evasion.


    The European Parliament’s Economic and Monetary Affairs (ECON) Committee as well as the Civil Liberties, Justice, and Home Affairs (LIBE) Committee voted in favor of requiring public registries of beneficial ownership information for companies incorporated in the EU, as part of its revisions to the EU’s Anti-Money Laundering Directive (AMLD).


    “We strongly praise the vote by the European Parliament to crack down on anonymous shell companies,” said GFI President Raymond Baker, a longtime authority on financial crime.  “As our research notes, nearly $70 billion flowed illegally into or out of emerging EU economies in 2011. Anonymous shell companies are the number one tool for laundering the proceeds of crime, corruption, and tax evasion.  Creating public registries of the true, human, ‘beneficial’ owner of each company—as the Parliament endorsed today—is a common sense approach to curbing financial crime and the tremendous flow of illegal money.”


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Featured Video

Money Laundering, Explained

 

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Featured Report

Illicit Financial Flows from Developing Countries 2002-2011

Illicit Financial Flows from Developing Countries 2002-2011

December 2013

The developing world lost US$946.7 billion in illicit outflows in 2011, an increase of 13.7% over 2010. The capital outflows stem from crime, corruption, tax evasion, and other illicit activity.

The report finds that from 2002 to 2011, developing countries lost US$5.9 trillion to illicit outflows. The outflows increased at an average rate of 10.2% per year over the decade—significantly outpacing GDP growth.

Read more...


Recent Reports from GFI

Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009

Illicit Financial Flows and the Problem of Net Resource Transfers from Africa: 1980-2009

May 2013 Read more...

Transnational Crime In The Developing World

Transnational Crime In The Developing World

February 2011 | Read more...

More reports:

Mexico: Illicit Financial Flows, Macroeconomic Imbalances, and the Underground Economy

January 2012 | Read more...

The Drivers & Dynamics of Illicit Financial Flows from India: 1948-2008

November 2010 | Read more...

» All GFI Reports...

 

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