Task Force Reaction to G20 Communiqué

WASHINGTON DC – As international financial turmoil intensifies, G20 leaders of the world’s largest economies meeting in Cannes produced a final document that offers some limited hope for international financial transparency and meaningful action on tax evasion and aggressive tax avoidance.

“Governments around the globe are missing the funds necessary for promoting growth and combating poverty. But these funds haven’t vanished off the face of the Earth. They’ve simply been rerouted from public coffers to private pockets via aggressive tax dodging and grand corruption,” Raymond Baker, director of the Task Force on Financial Integrity and Economic Development commented today.

Global Financial Integrity: G20 Commits to Addressing Illicit Financial Flows, Links Tax Haven Secrecy to Poverty

WASHINGTON, DC – Global Financial Integrity (GFI) praised the G20 today for its commitment to tackle the issue of illicit financial flows and crack down on tax haven secrecy. In the final declaration and its appendices published at the conclusion of a two-day summit in Cannes, the 20 largest economies committed to “deal effectively with tax havens and non cooperative jurisdictions including the fight against illicit capital flows considering their impact on development.”

Global Financial Integrity Urges G20 to End Tax Haven Secrecy in Cannes

CANNES / WASHINGTON – Global Financial Integrity (GFI) today joined over 40,000 people from around the world calling on G20 leaders to end tax haven secrecy when they meet this week in Cannes, France.

Task Force Statement to the G20

WASHINGTON, DC – Three years after the near collapse of the international banking system and as it faces new instability, the governments of the Group of 20 leading economic powers (G20) must focus on the underlying, systemic causes of the current financial crisis. A first step should be the enforcement of measures to ensure financial transparency.

The Legal Basis to Reject Odious Debt

Part 3 of 3. James K. Boyce and Léonce Ndikumana discuss the debt problem in Africa, and their book Africa’s Odious Debts: How Foreign Loans and Capital Flight Bled a Continent.

Global Financial Integrity Lauds U.S. Motion to Seize Kleptocrat’s Loot

WASHINGTON, DC – Global Financial Integrity welcomed efforts by the U.S. Department of Justice (DOJ), to seize over $70.8 million in corrupt wealth from Teodorin Obiang, the infamous son of the President of Equatorial Guinea.

Eurodad: EU proposal helps curb corruption but fails to tackle tax dodging

BRUSSELS – Today’s EU proposals are a welcome development in the fight against corruption in resource rich countries, but there is the potential to do much more.

New World Bank/UNODC Report Calls for Incorporation Transparency, Money Laundering Review

WASHINGTON, DC – The past twenty-four hours has seen the publication of two reports and the disclosure of an asset forfeiture complaint which, collectively, lay bare the size and seriousness of a global money laundering epidemic—underscoring the need for better incorporation transparency measures.

Global Witness: U.S. Takes Welcome Action to Seize Dictator’s Son’s Haul

WASHINGTON, DC – Today the U.S. Department of Justice (DoJ) unsealed an asset forfeiture claim against a $30m Malibu house, a $38.5 million Gulfstream jet and other assets owned by the son of the President of Equatorial Guinea, claiming that they were bought with the proceeds of corruption. Global Witness, which in 2006 first revealed that Teodorin Obiang owned the Malibu mansion, welcomes this action after several years of investigations.

Global Witness: Europe’s oil, gas and mining transparency plan could help millions

LONDON – The European Commission took a vital step on Tuesday towards helping millions of people in poor countries to benefit from their natural resources by proposing legislation requiring EU-based oil, gas, mining and timber companies to publicly disclose their payments to governments for each project that they invest in around the world.

New Plans Will Help Tackle Corruption, But Not Tax Dodging, Says Christian Aid

LONDON – New European plans to reveal more about multinationals’ finances will help tackle corruption in the oil, gas and mining industries – but need toughening up if they are also to help poor countries fight multi-billion pound tax dodging, says Christian Aid.

Today’s EU Proposals Are A Welcome Development In The Fight Against Corruption In Resource Rich Countries, But There Is Potential To Do Much More

BRUSSELS – Today’s EU proposals are a welcome development in the fight against corruption in resource rich countries, but there is potential to do much more.