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Global Financial Integrity
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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.
Stopping the illicit flow of natural resource revenue is a national security and economic priority for the United States. 
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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."
Under the weight of great expectations and the glare of television cameras, delegates gathered last week for the Third International Conference on Financing for Development in Addis Ababa. Global leaders, civil society and private sector representatives exchanged ideas on financing the ambitious Sustainable Development Goals. The conversation represented a paradigm shift in how we think about development. UN Secretary General Ban Ki Moon spoke of...
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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?
$730 billion in dirty money have been drained from poor countries in 2012 due to what is known as 'trade misinvoicing'
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"Now it’s time for those world powers that haven’t fully dedicated themselves to transparency to follow suit."
Norway is the latest country to address the abuse of anonymous companies with a public registry of beneficial ownership information.
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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.
G7 leaders meet in Schloss Elmau, Germany on June 8, 2015 | Credit: Arron Hoare/Number 10/Flickr [CC BY-NC-ND 2.0]
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“Concerted action is needed by the international community to assist all developing nations in curtailing the phenomenon of ‘trade misinvoicing’ (i.e. trade fraud) which moves up to 80 percent of all illicit funds offshore.”
GFI blasted G7 leaders for failing to advance efforts to curtail illicit financial flows in the context of the Post-2015 Development Agenda.
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Have them in circles
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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."
Britain on Tuesday said it would clamp down on the use of "dirty money" to buy up expensive properties, promising to expose the owners of anonymous foreign shell companies hiding cash in
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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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“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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"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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If they follow through with it, this is big—and welcome—news from the +World Bank.
The World Bank wants all corporate bidders on bank-funded projects to publicly reveal their true owners
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GFI's +Clark Gascoigne "said one step that might reverberate among bankers would be to jail some of those proven of ignoring red flags in order to reap profits. 'But that pretty much doesn't happen, certainly not with senior level people,' he said." 
Experts say it would have been difficult to move millions in bribes if it weren't for financial institutions turning a blind eye — yet again — to suspicious transactions.
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Have them in circles
211 people
Surendra Padmanabhuni's profile photo
Miroslav Georgiev's profile photo
Debt Finance Corp's profile photo
Medialink Communications Network's profile photo
DebtEliminationNews's profile photo
kayo arnold Johnson's profile photo
Jagdeep Jiandani's profile photo
Hazrat Ali's profile photo
Task Force on Financial Integrity's profile photo
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+1 202 293 0740
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+1 202 293 1720
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1100 17th St NW, Ste 505 Washington, DC 20036 USA
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Global Financial Integrity tracks, and works to stop, illicit financial flows worldwide.
Introduction
Global Financial Integrity is a Washington DC-based think tank and advocacy organization focused on tracking and preventing illicit financial flows.