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Global Financial Integrity
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Global Financial Integrity tracks, and works to stop, illicit financial flows worldwide.
Global Financial Integrity tracks, and works to stop, illicit financial flows worldwide.

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We have the financial transparency ideas, now we need the right #OpenData  standards to go with them!

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An excellent op-ed by U.S. Sen. Ben Cardin and former Sen. Richard Lugar in +The Hill calls on the SEC to finalize the key extractive transparency provisions of the Dodd-Frank legislation—five years after it was enacted.

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"We know that some high-value properties - particularly in London - are being bought by people overseas through anonymous shell companies, some of them with plundered or laundered cash," UK Prime Minister +David Cameron said. "There is no place for dirty money in Britain."

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+World Bank CFO: "...failure to address illicit flows will fall upon the poorest and most vulnerable, and we cannot allow that to happen."

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Offshore financial centres can help curb illicit flows by sharing tax information and providing transparent beneficial ownership information, writes GFI's Tom Cardamone.

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Plastic buckets from the Czech Republic at $970 each? Brown sugar from Turkey going for $240 per pound? Or weed whackers shipped to Venezuela at $12,300 apiece?

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“This report is continuing evidence that everybody has been engaging in cross-border tax avoidance,” said Stephen E. Shay, former deputy assistant secretary for international tax affairs at the U.S. Department of the Treasury.

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"Now it’s time for those world powers that haven’t fully dedicated themselves to transparency to follow suit."

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"So for every dollar invested or donated to, say, the Philippines, almost $5 leaves the country illicitly. That’s not exactly a recipe for development."

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"By targeting trade misinvoicing, world leaders can meaningfully address the largest component of the largest challenge to global development," write GFI's +Clark Gascoigne and Sophie Haggerty.
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