Financial Transparency Coalition

We're very excited to share with you the newly-available documentary We're Not Broke. Many multinational corporations in the United States pay a 0% tax rate. In a few cases, major brand-name corporations paid a negative tax rate in 2010--meaning they received a check from the IRS, instead of paying in.

Heather Lowe, Director of Government Affairs at Global Financial Integrity and the Task Force, is writing a serious of posts here on the horrible crimes that HSBC has admitted to as part of its deferred prosecution agreement with the U.S. government. No one will go to jail from HSBC for these crimes.

Task Force member Tax Justice Network and the Centre of Investigative Journalism at City University, London are offering journalists primarily from the developing world training in illicit finance, financial secrecy and asset recovery. Travel and accommodation costs in some cases will be significantly subsidised. Classes will take place from March 19th to March 23rd in London. Instruction will take place in English.

Sometimes, it is easy to lose sight of the big picture when talking about illicit financial flows. We either spend time talking and reading about big numbers--the total amount of money flowing out of countries--or individual events, like the horrible things facilitated by HSBC. Today, Task Force and Global Financial Integrity Director Raymond Baker took a step back and discussed the big-picture implications of illicit financial flows, and what they do to a society, in the Huffington Post.