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Global Financial Integrity
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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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"Very, very few developing countries do not have a problem with illicit flows." #IFFs2Dev  
Illicit financial flows have a devastating impact on the poorest countries in the world, writes GFI's Tom Cardamone.
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What’s going to happen to the likely  #FIFA  forfeiture funds? GFI's Heather Lowe takes a look.
What to do with the FIFA forfeiture money? Recouping expenses, erasing anonymous companies, enriching youth soccer leagues all good options.
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Have them in circles
210 people
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Transparencia Mexicana's profile photo
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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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GFI's Heather Lowe quoted in +The New York Times on why the auditing firm  #KPMG  failed to detect alleged corruption at  #FIFA .
Despite longstanding suspicion of corruption, FIFA has received a clean bill of financial health for 16 consecutive years from KPMG, one of the world’s top auditing, accounting and consulting firms.
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Illicit financial flows stemming from crime, corruption, and tax evasion have an outsized impact on the world’s poorest countries, according to a new study released today by Global Financial Integrity. #IFFs2Dev  
A new GFI study finds that Illicit financial flows from crime, corruption, and tax evasion have an outsized impact on the poorest countries.
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The #FIFA  bribery case could potentially lead to compensation for the victims of FIFA's corruption in a way you might not have considered, writes GFI's Heather Lowe.
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People
Have them in circles
210 people
Sammy Arthur's profile photo
Alle Catering's profile photo
Alan Wager's profile photo
Transparencia Mexicana's profile photo
LexisNexis Legal Newsroom's profile photo
Алевтина Бахчеван's profile photo
Pedro O'Donoghue's profile photo
Oludare Akiode's profile photo
Elisha Bailey's profile photo
Contact Information
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+1 202 293 0740
Email
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+1 202 293 1720
Address
1100 17th St NW, Ste 505 Washington, DC 20036 USA
Story
Tagline
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.