Global Financial Integrity legislative director Heather Lowe made an appearance on Russia Today TV earlier this week to discuss the major foreign corruption report that was just released by the US Senate's Permanent Subcommittee on Investigations (PSI) last week.
Part of a two-year-long investigation, the report highlights four cases where high-level foreign officials laundered illicit money in and out of the United States with ease.
The full PSI report, titled "Keeping Foreign Corruption Out of the...
Apologies for the lack of updates over the past week. As many people know, the Washington, DC-area has been hammered by massive snowstorms over the past week, and we've been snowed out of the GFI/Task Forces offices since last Friday.
Lovingly referred to as "snowmageddon" here in the DC-area, I wanted to share a couple of pictures of the storm's aftermath taken from my cell phone over the past week.
Richard Murphy has just noted on his blog that the OECD is now estimating that 70% of world trade is happening between subsidiaries of the same multinational corporations. The former OECD estimate had been 60%.
This means that the profits resulting from 70% of the world's trade isn't being reported on a country-by-country basis - making it very easy for multinational corporations to manipulate their taxes. This is why the Task Force advocates country-by-country reporting.
WASHINGTON, DC - The UK's proposal to tackle tax evasion in developing countries by instituting multilateral tax information exchange agreements and requiring multinational corporations to provide country-by-country reporting of profits and revenue could help prevent the loss of as much as $1 trillion from developing countries every year, says Global Financial Integrity (GFI).
"Every year crime, corruption, and tax evasion drain $1 trillion out of the developing world," said GFI managing director Tom Cardamone, who will be in Paris for the second day of the OECD's Global Forum on Development meeting, where the UK made its announcement today. ...
