Global Financial Integrity

 

Press Releases

Mbeki, High Level Panel on Illicit Flows from Africa Conclude Successful US Visit Mobilizing Support

Christine Clough, +1 202 293 0740 ext. 231

WASHINGTON, DC—Former President of South Africa Thabo Mbeki and members of the United Nations Economic Commission for Africa (UNECA) High Level Panel on Illicit Financial Flows from Africa (HLP) concluded their latest visit to the United States today. Chaired by Mr. Mbeki, the group met with government representatives, civil society experts, the business community, and journalists to continue promoting the HLP’s report and urging action to curtail illicit flows in Africa.

“Illicit outflows stemming from trade misinvoicing is the most damaging economic condition in Africa today,” said GFI President Raymond Baker, a member of the High Level Panel. “This is a key point in the HLP’s report, Track It; Stop It; Get It, and an argument that GFI has been making for years in our annual estimates of illicit outflows from all developing countries.”

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GFI Welcomes Introduction of Bills to Expose Anonymous Shell Companies

Christine Clough, +1 202 293 0740 ext. 231

Incorporation Transparency and Law Enforcement Assistance Act in House and Senate Would Tackle Anonymous U.S. “Phantom Firms”

In the wake of a searing segment on CBS’s 60 Minutes exposing how some New York attorneys are more than willing to create anonymous companies that foreigners may use as vehicles for laundering money in the U.S., Global Financial Integrity (GFI) welcomes the introduction by Representative Maloney and Senator Whitehouse to introduce legislation (bipartisan in the House) that would require companies to disclose the people that own or control them when these entities are formed. The two bills would bring the United States in line with 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.

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New Study: Illicit Financial Flows Hit US$1.1 Trillion in 2013

Christine Clough, +1 202 293 0740 ext. 231

US$7.8 Trillion drains from Developing World from 2004-2013

Trade Fraud Responsible for Illicit Outflows of US$6.5 Trillion

China, Russia, Mexico, India, Malaysia are Biggest Exporters of Illicit Capital over Decade

Sub-Saharan Africa Still Suffers Largest Illicit Outflows as % of GDP

WASHINGTON, DC – Illicit financial flows from developing and emerging economies surged to  US$1.1 trillion in 2013, according to a study released Wednesday by Global Financial Integrity (GFI), a Washington, DC-based research and advisory organization. Authored by GFI Chief Economist Dev Kar and GFI Junior Economist Joseph Spanjers, the report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available.

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Credit Suisse Granted Exemption from Disqualification for Asset Management Exemption Business Despite History of Abuses

Heather Lowe, +1 202 293 0740 ext. 228

U.S. Department of Labor Puts Pension Funds at Risk WASHINGTON, DC – Global Financial Integrity (GFI) expressed disappointment today in the U.S. Department of Labor’s (DOL) decision that the Credit Suisse asset management entities can continue to enjoy...

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Sustainable Development Goals Adopted: Illicit Financial Flows Become Part of Development Equation

GFI Managing Director Tom Cardamone Available for Commentary in New York Washington, DC — Global Financial Integrity applauds the official adoption of the Sustainable Development Goals (SDGs) by the UN General Assembly today in New York. This...

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Top Ten Facts About the Sustainable Development Goals and Illicit Financial Flows

Christine Clough, +1 202 293 0740 ext. 231

GFI Managing Director Tom Cardamone Available for Commentary in New York Washington, DC — The scourge that illicit financial flows (IFFs) inflict upon poverty alleviation efforts has become well known and is addressed in the Sustainable Development...

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Illicit Financial Flows: Significant Impediment to Achieving Sustainable Development Goal #6 — Ensuring Healthy Lives

WASHINGTON, DC – Analysis of illicit financial flows (IFFs) in the poorest nations shows that from 2008 – 2012 IFFs swamped national health spending in many countries.  The IFF/Health Spending ratios provided below give an indication of the...

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Global Financial Integrity Releases Capstone Book on Illicit Financial Flows with Support from the Ford Foundation

Book to be launched at two-day conference on September 21 and 22 at the National Press Club in Washington, DC Russia’s illicit outflows were 8.3% of GDP (1994-2012); Illicit outflows from Mexico (1970-2012) and the Philippines (1960-2012)...

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