Global Financial Integrity just released a statement urging G20 leaders, who are meeting in Pittsburgh today and tomorrow, to address the devastating impact that illicit financial flows and banking secrecy have on the developing world. From GFI:
As the Group of Twenty meets today in Pittsburgh, Global Financial Integrity (GFI) urges leaders to pursue measures to increase transparency in global finance and curtail illicit financial flows.
“Despite the fact that wealthy nations are experiencing a recovery from the global financial crisis experts are warning that the worst may still be ahead...
ActionAid UK has just released a new report detailing the devasting impact that tax avoidance has on developing countries. Titled, "Accounting for poverty: how international tax rules keep people poor," the report finds that if developing economies could raise $198 billion per year simply by increasing their tax revenue to 15% of GDP. From the release:
In a report published today, the charity argues that developing country governments could increase their tax revenues dramatically if they were able to clamp down on international tax avoidance and evasion. International tax rules should...
Continuing from my previous post, Publish What You Pay has highlighted a terrific video from Al Jazeera's People & Power series entitled "Oil Gotten Gains." This is why the bill on country-by-country reporting that was introduced today is so important.
A key piece of legislation aimed at requiring corporations to report on a country-by-country basis any payments made to foreign governments or the US governments when it comes to natural resource extraction. Titled the "Energy Security through Transparency Act of 2009," the bill draws bipartisan support with Senators Richard Lugar (R-Ind.) and Ben Cardin (D-Md.) as its official sponsors. From the Revenue Watch Institute:
Revenue Watch Director Karin Lissakers said the adjusted reporting guidelines are "a win-win proposition for investors and for communities in resource-rich countries," where corruption and the suspicion of corruption...
