Swift Action, Transparency and Collaboration Critical in Tackling Corruption
WASHINGTON, DC – Global Financial Integrity (GFI) joined 76 civil society organizations in calling upon the G20 to take action on corruption. In a letter submitted to G20 officials last week, the civil society groups affirmed their support for the G20’s work combating corruption, urged swift action and made recommendations.
Rumors spread today about the potential departure of Egyptian President Hosni Mubarak, but just last week, the President assured the Egyptian people that he loves his homeland, is proud of his service, and plans to live out his daysin Egypt after he graciously steps aside. And why shouldn’t he love his country? As president he and his family allegedly amassed an enormous fortune, some estimate as much as $40 to $70 billion, believed to be stashed in British and Swiss banks and invested in properties from London to Manhattan to Rodeo Drive. And while he is the corruption bogeyman of the hour, among world leaders he may well represent the rule and not the exception. Mubarak’s fortune points to a story behind the story. It is yet another example of the ease with which corrupt, criminal, and commercially tax evading money can be hidden, moved, and laundered in the global shadow financial system.
Illicit Capital Flight from Middle East and North Africa (MENA) Region Outpacing Rest of Developing World
WASHINGTON, DC – Egypt is losing more than US$6 billion per year—US$57.2 billion in total from 2000 to 2008— to illicit financial activities and official government corruption, writes Global Financial Integrity (GFI) economist, Karly Curcio, in a new weblog published today at www.financial taskforce.org. The piece “Egypt too? There Goes the Neighborhood” uses numbers from GFI’s recently released report, “Illicit Financial Flows from Developing Countries: 2000-2009.” The report, authored by GFI Lead Economist Dev Kar and Ms. Curcio, lists illicit capital flight numbers for all developing countries from 2000-2008, including Egypt.