Financial Transparency Coalition

COPENHAGEN, Denmark / WASHINGTON, DC – The fraudulent misinvoicing of trade is hampering economic growth and potentially resulting in billions of U.S. dollars in lost tax revenue in Ghana, Kenya, Mozambique, Tanzania, and Uganda, according to a new report to be published Monday by Global Financial Integrity (GFI), a Washington DC-based research and advocacy organization.  The study—funded by the Ministry of Foreign Affairs of Denmark—finds that the over- and under-invoicing of trade transactions facilitated at least US$60.8 billion in illicit financial flows into or out of the five African countries between 2002 and 2011. “It is...

WASHINGTON, DC – The latest issue of The Economist profiles the problem of trade-based money laundering, which drains hundreds of billions of dollars from developing economies each year, according to Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization.  The prestigious financial news magazine cites heavily from GFI’s research and experts, while warning that efforts to tackle trade misinvoicing are “the weakest link” in the international effort to fight illicit financial flows.

WASHINGTON, DC – Global Financial Integrity (GFI) welcomed the introduction late Wednesday night in the U.S. House of Representatives of two pieces of legislation aimed at stemming the flow of trillions of dollars in dirty money through the U.S. financial system. The Washington, DC-based research and advocacy organization noted that the two bills would bring the United States in line with certain international anti-money laundering (AML) standards, target individuals responsible for laundering money, and bring an end to the abuse of anonymous U.S. shell companies.

WASHINGTON DC – Global Financial Integrity (GFI) expressed disappointment today at the decision by Judge John D. Bates of the United States District Court for the District of Columbia to vacate key extractive industry transparency rules. The decision prevents the rules from taking effect until the Securities and Exchange Commission (SEC) revises the rules to address the court’s concerns.