Mexico Hemorrhages US$872 Billion to Crime, Corruption, Tax Evasion from 1970-2010

MEXICO CITY / WASHINGTON, DC – Crime, corruption and tax evasion cost the Mexican economy US$872 billion between 1970 and 2010 according to a new report from Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization. The illicit financial outflows, which averaged a massive 5.2% of GDP, grew significantly over the 41-year period studied from just US$1 billion in 1970 to US$68.5 billion in 2010.

Statement from the Task Force on Financial Integrity and Economic Development for World Leaders at Davos

The challenge to world leaders at Davos is to restore faith in the financial system by implementing a manifesto for economic justice World leaders’ inability to articulate a narrative beyond a long, hard march out of economic malaise ultimately caused by politicians’ and regulators’ failure to adequately supervise the financial system is resulting in widespread [...]

Tax haven secrecy is a global curse, Christian Aid urges Ed Miliband

Christian Aid welcomes Ed Miliband’s determination to tackle the tax havens which are harming UK public finances but it urges him to go further, because financial secrecy is a curse for poor countries too.

‘It’s great that Mr Miliband has recognised that tax haven secrecy is damaging people in the UK, by providing a cover for people and companies to hide their wealth and avoid paying the taxes that are so urgently needed,’ said Dr David McNair, Christian Aid’s Principal Adviser on Economic Justice.

Broad Coalition of 33 Civil Society and Socially Responsible Investment Leaders Call on Congress to Refrain from Introducing Legislation Amending FCPA

WASHINGTON, DC – Earlier today more than 30 civil society and business groups, including human rights and anticorruption organizations, sent a letter to every member of the U.S. House of Representatives and U.S. Senate expressing their opposition to any efforts to amend the world’s flagship anticorruption legislation, the U.S. Foreign Corrupt Practices Act (FCPA).

Eurodad: Experts argue the world can learn from Latin American experience

Regulating cross-border financial flows can contribute to financial stability and help countries develop, according to new research to be published on 15 December by the Bretton Woods Project and Latindadd.

The report find that sudden surges and stops in cross-border financial flows, which have been increasing in frequency, risk generating new financial crises in both rich and poor countries.

Despite Global Financial Crisis, Illicit Financial Outflows from Developing World Remain High, Finds New Report

WASHINGTON, DC – Developing countries lost US$903 billion in illicit financial outflows in 2009 despite the massive slowdown in economic activity which rocked world markets in late 2008, finds a new study by Global Financial Integrity (GFI), a Washington-based research and advocacy organization.

Global Financial Integrity Honors Senator Carl Levin with 2011 Annual Award for Exemplary Leadership

WASHINGTON, DC – Global Financial Integrity (GFI) will tonight present Senator Carl Levin (D-MI) with the organization’s 2011 annual Award for Exemplary Leadership in acknowledgement of his untiring efforts on behalf of financial integrity in the U.S. and abroad. Sen. Levin will accept the award this evening at a gala dinner hosted by GFI in his honor at The Army and Navy Club in Washington, DC.

Forthcoming Report Finds Philippines Lost US$142 Billion in Illicit Outflows from 2000-2009

WASHINGTON, DC – The illicit mispricing of trade cost the Philippines US$114 billion from 2000-2009 with total illicit outflows over the decade due to crime, corruption and tax evasion amounting to US$142 billion, finds a forthcoming report from Global Financial Integrity (GFI)—a Washington-based research and advocacy organization. The study,Illicit Financial Flows from Developing Countries over the Decade Ending 2009, which is embargoed for publication until Thursday, places the Southeast Asian nation in the top fifteen victims of illegal capital flight world-wide.

Sarah Freitas, a GFI Economist who co-authored the report with GFI Lead Economist Dev Kar, leaked the news today in a blog post on the website of the Task Force on Financial Integrity & Economic Development (financialtaskforce.org). Ms. Freitas writes:

Amid Unrest in Moscow, New Research Finds Russia Lost US$501.3 Billion in Illicit Financial Outflows from 2000-2009

WASHINGTON, DC – Russia hemorrhaged over US$501 billion in illicit financial outflows in the ten years following Vladimir Putin’s rise to power according to a forthcoming report from Global Financial Integrity (GFI), a Washington-based research and advocacy organization. The study, Illicit Financial Flows from Developing Countries over the Decade Ending 2009, finds the nation lost more than US$50 billion per year from 2000 through 2009—making it the third largest victim of illegal capital flight.

The data, revealed in a blog post today by GFI Economist Sarah Freitas on the website of the Task Force on Financial Integrity & Economic Development (financialtaskforce.org), is even more damning, writes Ms. Freitas, in the wake of Sunday’s Parliamentary elections, which have been met with wide-spread allegations of fraud.

Illicit Financial Outflows from Ethiopia Nearly Doubled in 2009 to US$3.26 Billion, Reveals New Global Financial Integrity Report

WASHINGTON, DC – Corruption, kickbacks and bribery are on the rise in Ethiopia, according to a forthcoming report from Global Financial Integrity, a Washington-based research and advocacy organization. According to the study, illicit financial flows out of the African nation nearly doubled to US$3.26 Billion in 2009 over the previous year, with corruption, kickbacks and bribery accounting for the vast majority of that increase.

Syria Lost US$23.6 Billion in Illicit Financial Outflows from 2000-2009, Says Forthcoming Report from Global Financial Integrity

WASHINGTON, DC – A forthcoming report from Global Financial Integrity (GFI) finds Syria lost US$23.6 billion to corruption, crime and tax evasion from 2000-2009, writes GFI Economist Sarah Freitas in a new blog post on the website of the Task Force on Financial Integrity and Economic Development (financialtaskforce.org).

Transparency International: 2011 Corruption Perceptions Index Released

BERLIN – Corruption continues to plague too many countries around the world, according to Transparency International’s 2011 Corruption Perceptions Index released today. It shows some governments failing to protect citizens from corruption, be it abuse of public resources, bribery or secretive decision-making.

Transparency International warned that protests around the world, often fuelled by corruption and economic instability, clearly show citizens feel their leaders and public institutions are neither transparent nor accountable enough.