A statement released by Mars Group Kenya, a Kenyan anti-corruption organization, this past week clearly shows an awareness and distaste for the role played by international financial organizations in financing corrupt regimes, as well as an appreciation for recent U.S. action to pressure Kenyan politicians to push for government reform. Pressure from the U.S. came last week in the form of 15 letters from the U.S. government to top Kenyan officials, “warning them of possible travel bans if they did not cooperate in instituting reforms.” While many government officials have come out decisively against the actions of the U.S., the Mars Group statement asserts that:
The Kibaki administration is ruffled by the United States Government latest actions on Kenya and it has nothing to do with travel bans. Money is at stake and the soft underbelly of the regime is exposed. Although it touts itself as financially self-reliant, in truth the Grant Coalition Government of Mwai Kibaki and Raila Odinga cannot afford to ignore the International Community and especially the United States’ stated intention of scrutinizing all loans and financial programmes for Kenya by the International Financial Institutions.
The statement continues, moving on to state that the actions of the U.S. to pressure reform within the government not only have the power to influence Kenyan politicians, but that they are also supported by the Kenyan public:
In this fascinating TED talk, Misha Glenny, author of McMafia, details the increased prevalence of organized crime since the fall of the Berlin Wall. Importantly, about ten and half minutes in, he focuses specifically on the deregulated global financial system, pointing to offshore banking as one of the biggest enablers of organized crime. He calls for new, effective, regulation – something he considers a necessity, and believes that it should come from the White House, pinning considerable hope on President Obama.
Check out some of today’s top stories below:
New Jersey Corruption Bust Had Deep Roots
Wall Street Journal, August 27, 2009
LA trial in Thai film festival bribery case begins
Associated Press, August 26, 2009
Corrupt firms ‘face phone taps’
BBC, August 27, 2009
Swiss Negotiator for UBS Says IRS May Seek More Data (Update1)
Bloomberg, August 27, 2009
U.K.-Liechtenstein Tax Deal Opens Up Lucrative Loophole
Wall Street Journal, August 27, 2009
24 arrested in huge bank debt scandal in Nigeria
AFP, August 26, 2009
A convenient hypocrisy on tax havens
European Voice, August 27, 2009
Pacific tax havens at risk: report
Radio Australia News, August 27, 2009
Supporters of Malawi Ex-President Hail Court Ruling
Voice of America, August 27, 2009
Read today’s top stories below:
GFI In the News
UBS and the Taxpayers’ Lost Billions
ProPublica, August 25, 2009
Top Stories:
Corruption hurting economic growth: Indian PM
AFP, August 26, 2009
Zambia sacks anti-corruption head
BBC, August 26, 2009
Anti-corruption team sent to Turks
Financial Times, August 26, 2009
Swiss Wegelin Tells Clients To Exit US Secs Amid Tax Scrutiny
Wall Street Journal, August 25, 2009
UBS Whistleblower Gets Rewarded With Prison Time
Bloomberg, August 26, 2009
FOCUS: VP Bank CEO’s Exit Puts Liechtenstein In Spotlight
Wall Street Journal, August 25, 2009
Black money: India-Switzerland talks in December
The Economic Times, August 25, 2009
Tannenbaum-Linked Charitable Donations May Have to Be Returned
Bloomberg, August 26, 2009
Check out some of today’s top stories below:
GFI in the News
Only rich benefit from secret Swiss banks
Toronto Star, August 25, 2009
Top Stories
News Analysis: How the U.S. Is a Tax Haven for Mexico’s Wealthy
Tax Analysts, August 24, 2009
IRS Could Target Off-Shore Hedge-Fund Investors Next
Wall Street Journal, August 24, 2009
Canada Revenue Agency Schedules Meeting With UBS Officials
Tax Analysts, August 24, 2009
The Ex-Wives Club of UBS Tax-Evaders
Wall Street Journal, August 24, 2009
U.S. fails to follow all of the money
Miami Herald, August 25, 2009
India will take up specific cases with Swiss banks: Pranab
The Hindu, August 25, 2009
UPDATE 1 –Liechtenstein VP Bank CEO to go; outflows continue
Reuters, August 25, 2009
High-Profile Conviction Should Bolster Foreign Corrupt Practices Act Enforcement
International Law Office, August 24, 2009
Take a look at some of today’s top stories below:
GFI in the News:
IRS makes good on threat to go after tax havens
Inside Tucson Business, August 21, 2009
Top Stories
The British connection to Pinochet’s lost millions
Belfast Telegraph
Liechtenstein’s Prince Alois Pledges Tax Rule Revamp (Update1)
Bloomberg, August 24, 2009
Taking aim at tax havens
Las Vegas Sun, August 24, 2009
Financial storm swirls around San Marino
Times Online, August 23, 2009
Swiss handover of US names ‘a timely reminder’
This is Guernsey, August 24, 2009
UBS chairman says clients “not harmless victims”: report
Reuters, August 23, 2009
Ex-UBS Banker’s Jail Time: 40 Months
Wall Street Journal, August 22, 2009
UBS Faces Gruebel Gloom Until 2011 as Withdrawals Curb Recovery
Bloomberg, August 24, 2009
Swiss bank shatters Indian dream of getting info on black money stashed abroad
Xinhua, August 24, 2009
Demonstrating the ripples that have been caused by the U.S.-UBS case, Bloomberg has printed an article that reports that UBS will meet with the Canadian tax agency in order “to determine how much Canadian money is held offshore by the Swiss bank.” The article provides further detail, that, “Lawyers for the Canada Revenue Agency will meet with the Swiss bank in September, the Globe said, citing Minister of National Revenue Jean-Pierre Blackburn.”
This will be an important conversation to keep an eye on and provides a welcome sign that the impact of the U.S.-UBS case will not be limited to the 4,450 names to be handed over.
The Swiss Federal Prosecutor’s Office said Friday it has opened an investigation into allegations a high-ranking Swiss government official was bribed for confidential information by a client of UBS AG (UBS).
Chile’s Undersecretary for Finance, Maria Olivia Recart, called on the Senate Thursday to pass a pending bill that would allow the national tax service to access Chileans’ bank-account information and share it with other countries’ tax authorities.
Read some of Friday’s top stories below:
Swiss Prosecutor Probes Allegations of Govt Official Bribery
Wall Street Journal, August 21, 2009
UBS to Meet Canadian Tax Agency to Discuss Accounts, Globe Says
Bloomberg, August 21, 2009
Indictment in Tax Probe Shows Outsiders’ Alleged Use of UBS
Wall Street Journal, August 21, 2009
Ex-UBS banker faces sentencing in Florida
Associated Press, August 21, 2009
Swiss banking secrecy crackdown: Singapore next
Financial Post, August 21, 2009
Comment: The Swiss wealth model is still alive and well
Wealth Bulletin, August 21, 2009
Chile Government Official Calls On Senate To Pass Bank Secrecy Bill
NASDAQ, August 21, 2009
Wall Street ‘Corruption’ Might Buy Crook a Break
Bloomberg, August 21, 2009
Zambia’s corruption trial: Not guilty
Economist, August 20, 2009
Wednesday’s agreement by Swiss bank UBS to divulge details of 4,450 accounts to the US Internal Revenue Service has put a crowbar into the door of Switzerland’s long tradition of bank secrecy. But it’s just a small opening. The amount of global wealth stashed in tax-haven nations is staggering and largely uncontrolled, financial experts say. Here’s a brief backgrounder:
The Economic and Financial Crimes Commission said in Abuja on Wednesday that the nation has lost over ?250 billion to frauds perpetrated by former governors, senior government officials and other Nigerians since the commission was established in 2003.
In his State of the Union address less than a month ago President Obama brought ...
February 10, 2012
When the G20 signed the Convention on Mutual Administrative Assistance in Tax Matters in November ...
February 9, 2012
About three years ago, the U.S. Internal Revenue Service (IRS) caught wind that Swiss bankers ...
February 8, 2012
Monday's top news stories from Global Financial Integrity.
February 6, 2012
Subscribe to the Task Force Blog RSS feed and get the latest blog posts!
The Task Force on Financial Integrity & Economic Development
1319 18th Street, NW Suite 200 Washington, DC 20036
Email: info@financialtaskforce.org
Telephone: +1 (202) 293-0740 | Fax: +1 (202) 293-1720
© 2009-2012 Task Force on Financial Integrity & Economic Development
Some rights reserved. 
