World Leaders’ Weekend Summit Misses Opportunity to Act on Beneficial Ownership or Country-by-Country Reporting
Work Remains to Ensure Developing Countries Benefit Fully From Global Automatic Exchange of Financial Information, but Agreement to Include Developing Countries in OECD BEPS Project an Encouraging Move
WASHINGTON, DC – G20 leaders met this past weekend in Brisbane, Australia for their annual summit, issuing a communiqué full of ambitious proposals for growing the global economy, but noticeably lacking in responses to illicit financial flows, one of the largest drags on development worldwide. Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, expressed its disappointment at the underwhelming result.
World Leaders Called on to Embrace Transparency Measures to Curtail Illicit Financial Flows
WASHINGTON, DC – As world leaders gather in Australia this week, Global Financial Integrity (GFI) called on the G20 to take strong action against illicit financial flows by embracing simple corporate transparency measures. Specifically, the Washington, DC-based research and advocacy organization urged G20 leaders to endorse the creation of public registries of beneficial ownership information as well as require all multinational corporations to publicly report their sales, profits, and taxes-paid on a country-by-country basis, as necessary tools to detect and deter crime, corruption, and tax dodging.
GFI President Raymond Baker signed a letter to the G20 along with 24 other high level individuals calling on world leaders to support public registries of beneficial ownership information and require public country-by-country reporting for all multinational companies ahead of the 2014 G20 Summit in Brisbane, Australia. GFI thanks Transparency International for coordinating the letter.
All G20 Countries Expect to Be Actively Exchanging Information Automatically by End of 2015
Promises to Aid Developing Counties with Implementation Welcome, but More Must be Done to Help World’s Poorest
G20 Fails to Tackle Anonymous Shell Companies
WASHINGTON, DC – The G20 leaders agreed today to begin sharing tax information automatically between themselves—expecting to be able to implement the agreement by the end of 2015—in a move hailed by Global Financial Integrity (GFI) as a major advancement in the fight against tax evasion. GFI welcomed the commitment by world leaders to assist low-income countries’ effort to additionally ensure their eventual participation in the automatic exchange of tax information. However, the Washington, DC-based research and advocacy group expressed disappointment in the G20 declaration’s omission of a timeframe to include developing countries in such a system.
Tax Evasion, Crime, Corruption Major Detriments to Growth, Exacerbate Income Inequality
GFI: G20 Should Embrace Country-by-Country Reporting, Crack Down on Anonymous Shell Companies
Russian Crackdown on Civil Society “Casts a Dark Cloud” on Summit
WASHINGTON, DC – As world leaders prepare to meet in Moscow this week to discuss stagnating economic growth, Global Financial Integrity (GFI) urged G20 leaders to take strong action to curtail illicit financial flows, the proceeds of crime, corruption, and tax evasion. The Washington, DC-based research and advocacy organization called on world leaders to expand efforts to crackdown on abusive tax dodging and the anonymity surrounding anonymous shell companies.
Leading Finance Ministers Offer Support to Developing Countries in Employing “New, Global Standard,” Eliciting Praise from Civil Society
GFI Disappointed in G20 Failure to Embrace Country-by-Country Reporting or Incorporation Transparency
WASHINGTON, DC – Over the weekend, the G20 finance ministers echoed the call by the G8 countries at Lough Erne to rapidly move to a system of automatic exchange of tax information, a move praised by Global Financial Integrity (GFI) as essential to cracking down on international tax evasion. As with the G8, the G20 finance ministers offered to provide support to poorer countries as they move to adopt the “new, global standard,” likewise eliciting support from GFI. However, the Washington-DC based research and advocacy organization expressed disappointment in the G20’s failure to embrace tax transparency for multinational corporations and the finance ministers’ reticence to meaningfully address the issue of phantom firms.
Former UN Secretary-General Calls for Public Disclosure of Corporate Ownership Information
2013 Africa Progress Report Features GFI Research, Highlights Devastating Impact of Tax Haven Secrecy, Phantom Firms on Development
Forthcoming Joint Report from AfDB and GFI Released May 29th to Examine Economic Toll of IFFs on Africa
WASHINGTON, DC – Global Financial Integrity (GFI) lauded former UN Secretary-General Kofi Annan and the Africa Progress Panel (APP), which he chairs, for highlighting the devastating impact that illicit financial outflows have on economic development and poverty alleviation across the continent in the 2013 Africa Progress Report published today. The APP report cites GFI’s research on illicit financial flows and calls upon the G8 to require full, public disclosure of the beneficial ownership information of all corporate entities within the next year.
G20 Says Automatic Tax Information Exchange “Expected to Be the Standard”
Finance Ministers Fail to Adequately Address Anonymous Shell Companies
WASHINGTON, DC – Global Financial Integrity (GFI) lauded G20 Finance Ministers and Central Bank Governors Friday for prominently focusing on the issue of tax haven secrecy and strongly declaring that automatic exchange of tax information is “expected to be the standard” moving forward, but GFI expressed disappointment in the leaders’ failure to sufficiently address the issue of anonymous shell companies. The leaders released their communiqué Friday afternoon after two days of meetings in Washington ahead of the annual spring meetings of the World Bank and International Monetary Fund.