U.S. Senate Report: Tackle Money Laundering to Curtail Drug Trafficking

WASHINGTON, DC / LONDON – A bipartisan Congressional report published Thursday by the U.S. Senate Caucus on International Narcotics Control (Senate Drug Caucus) emphasizes cracking down on money laundering as key to curtailing the illicit drug trade. Quoting heavily from Global Financial Integrity (GFI) experts and research, the study endorses eliminating anonymous U.S. shell companies through the passage of the bipartisan Incorporation Transparency and Law Enforcement Assistance Act, bolstering enforcement of existing anti-money laundering (AML) policies, and strengthening anti-money laundering laws through passage of the bipartisan Combating Money Laundering, Terrorist Financing and Counterfeiting Act.

Infographic: Tax Havens of the Wealthy and Powerful

Below the jump: a fantastic infographic on how money is hidden by large U.S. corporations in tax havens. Definitely worth clicking a “read more.”

Kofi Annan, Africa Progress Panel, Urge G8 & G20 Members to Tackle Illicit Financial Flows to Help Africa

WASHINGTON, DC – Global Financial Integrity (GFI) lauded former UN Secretary-General Kofi Annan and the Africa Progress Panel (APP), which he chairs, for highlighting the devastating impact that illicit financial outflows have on economic development and poverty alleviation across the continent in the 2013 Africa Progress Report published today. The APP report cites GFI’s research on illicit financial flows and calls upon the G8 to require full, public disclosure of the beneficial ownership information of all corporate entities within the next year.

David Cameron Calls for Abolishing Phantom Firms in Major Transparency Victory

WASHINGTON, DC / LONDON – In a major victory for transparency advocates, British Prime Minister David Cameron called on members of the G8 and the European Union Wednesday to “break through the walls of corporate secrecy” that facilitates tax dodging, money laundering, and corruption—endorsing the disclosure of beneficial ownership information in central public registries. Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, lauded the statements by Mr. Cameron—included in a letter sent Wednesday to Herman Van Rompuy, President of the European Council—and the organization encouraged the United States, EU, and G8 to follow suit.

Global Witness welcomes UK Prime Minister’s move to end anonymous shell companies

LONDON – Prime Minister David Cameron revealed today that the UK will be seeking action from the G8 to end the abuse of anonymous shell companies. He has called for information about who ultimately owns and controls companies (beneficial ownership) to be registered and made publicly available.

Tangible Steps Toward Greater Global Financial Transparency Needed

BERLIN – Transparency International calls on finance ministers from the Group of 20 leading economies (G20), meeting this week to maintain the growing pressure for greater corporate transparency, particularly of financial institutions.

EU anti-corruption law welcome but UK must answer ‘difficult’ tax questions

LONDON – Christian Aid gives two cheers today for European moves to tackle corruption by forcing some large companies to come clean about their payments to governments around the world. However, the charity says the UK Government’s failure to push for stronger EU rules means the upcoming G8 will be an acid test of the commitment to tax transparency.

‘Europe has made some extremely important progress towards tackling corruption linked to the world’s mining, gas, oil and logging companies,’ said Joseph Stead, Christian Aid’s Senior Economic Justice Adviser.

Reaction to EU agreement on transparency of extractive industries

BRUSSELS – Today the European Commission, the European Parliament and the Council of the EU agreed a compromise text on transparency of extractive industries. The text will be adopted by the Parliament and the Council in the coming months.

Natural Resource Corruption Dealt a Blow by New EU Transparency Rules

BRUSSELS – Transparency International EU warmly welcomes the agreement secured today on new rules for the EU extractive sector that requires oil, gas, mining and logging companies to disclose what they pay to governments around the world. The deal reached by negotiators from the European Parliament and the Irish EU Presidency means that companies will have to disclose details of tax, bonus and other payments made for every project they operate, over a threshold of €100,000. The rules apply to all listed and large unlisted companies registered in the EU without exemption.

Massive ICIJ exposé on offshore secrecy should spur G8 action

LONDON – The massive cache of leaked documents demonstrates how hidden ownership of shell companies facilitates corruption, tax dodging and other crimes. Mr. Cameron has made a welcome promise to make tax and financial transparency priority issues at the meeting of G8 leaders in Northern Ireland this June.

Financial Transparency: Challenges and Opportunities for Developing Countries

New Delhi – The Task Force on Financial Integrity and Economic Development (Task Force), in partnership with the Centre for Budget and Governance Accountability, hosted its first Asia regional conference, Financial Transparency: Challenges and Opportunities for Developing Countries, at the India Habitat Centre today.

Post-2015 MDG Panel Highlights Need to Tackle Illicit Financial Flows, Tax Havens

WASHINGTON, DC – Global Financial Integrity (GFI) today praised the United Nations High-Level Panel (HLP) of Eminent Persons on the Post-2015 Development Agenda for highlighting the need to tackle illicit financial flows and the role of tax havens as key to global development moving forward.