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.
GFI Praises G20 Renewal of Anti-Corruption Working Group, Disappointed in Failure to Tackle Anonymous Shell Companies
WASHINGTON, DC – Global Financial Integrity (GFI) praised G20 leaders today for prominently focusing on the issue of illicit financial flows, committing to move toward the automatic exchange of tax information, and renewing the mandate of the Anti-Corruption Working Group for another two years, but expressed disappointment in the leaders’ failure to address the issue of anonymous shell companies.
Greece Lost US$160 Billion to Illicit Financial Outflows over Past Decade
WASHINGTON, DC – Global Financial Integrity (GFI) today called upon G20 leaders meeting this week in Los Cabos, Mexico to tackle the issue of tax haven secrecy and the illicit financial flows it facilitates as a necessary means to ensuring stability in the international financial system.
More Needs to Be Done to Implement Automatic Exchange of Tax Information-GFI
Summit Declaration Calls for More Work to Prevent Abuse of Corporate Vehicles
WASHINGTON, DC – Global Financial Integrity (GFI) praised the G20 today for its commitment to tackle the issue of illicit financial flows and crack down on tax haven secrecy. In the final declaration and its appendices published at the conclusion of a two-day summit in Cannes, the 20 largest economies committed to “deal effectively with tax havens and non cooperative jurisdictions including the fight against illicit capital flows considering their impact on development.”
Over 40,000 People Call on G20 Leaders to Tackle Tax Haven Secrecy, Illicit Financial Flows
CANNES / WASHINGTON – Global Financial Integrity (GFI) today joined over 40,000 people from around the world calling on G20 leaders to end tax haven secrecy when they meet this week in Cannes, France.
Specific Measures Needed to Ensure that Financial Institutions Become More Transparent and Accountable for Deposit of Illicit Finances
WASHINGTON, DC – In reaction to the recently released communiqué from the G20 Finance Ministers’ meeting in Paris last week, Global Financial Integrity (GFI) voiced disappointment and urged the G20 to move beyond “piecemeal regulations” and adopt comprehensive reforms to create greater transparency and accountability in the world’s financial system.
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.
WASHINGTON, DC – A new global campaign challenging French President Nicolas Sarkozy and the G20 to make a firm commitment to ending tax haven secrecy launched today at the World Social Forum in Dakar. Organizations involved include ActionAid, Christian Aid, Eurodad, Global Financial Integrity, Oxfam International and the Tax Justice Network.
