The Economic Times, May 18, 2012
By Binoy Prabhakar
NEW DELHI: Global Financial Integrity (GFI) on Friday called on leaders of the G8 bloc of nations to concretely tackle the issue of illicit financial flows and end tax haven secrecy when they meet this weekend at Camp David. Illegal capital flight costs the developing world roughly $1 trillion per year, according to GFI research.
“A major focus of this weekend’s summit is the issue of food security in the developing world,” said GFI Director Raymond W. Baker. “What better way to ensure food security than to guarantee that developing countries have the finances necessary to invest in agriculture and nutrition programs? We cannot reach a post-aid-dependent world without curtailing illicit financial flows.”