Financial Transparency Coalition

In his first official act after winning the biggest democratic election in world history, Indian Prime Minister Narendra Modi announced the formation of a Special Investigative Team (SIT) to probe illicit financial flows, or ‘black money’ as they are commonly referred to in India.

Every year, more capital is transferred out of Africa than into the continent. This is despite billions of dollars of foreign aid, natural resource exports, and foreign direct investment.

Yesterday, Global Financial Integrity released the report, Illicit Financial Flows from Developing Countries 2002-2011, which found that developing countries lost $947 billion in illicit financial flows in 2011, and $5.8 trillion over the ten-year study period. The subject of illicit financial flows is still a new one, and can be confusing. To help answer some common questions about the report, we’ve put together a quick FAQ below: What Are Illicit Financial Flows? What Does This Report Measure? Illicit financial flows are cross-border transfers of funds that are illegally earned, transferred, or utilized. These kinds of illegal transactions range from corrupt public officials...

While at an event sponsored by the Council on Foreign Relations, FTC Manager Porter McConnell asked French Finance Minister Pierre Moscovici if France would support public registries of companies in the European Union. His response: not only does France support them, but they also support several other key pieces of FTC's agenda. Video here at 41:39: