July 20th, 2011
China has had problems with bribery, corruption, and illicit financial flows for years. In fact illicit outflows from the People’s Republic of Chinahave ranged from an annual US$169 billion in 2000 to US$344 billion in 2008. The country is also, by far, the largest transmitter of illicit financial flows in the developing world. And in case it’s not already obvious, let me clarify that these numbers are unbelievably large. For a point of comparison, the PRC’s stock of total external debt in 2008 was $378 billion, just slightly greater than its total illicit outflows in that year alone.
Corruption also...
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July 19th, 2011
UK Prime Minister David Cameron gave a speech in Lagos, Nigeria, where he encouraged the European Union to adopt "Publish What You Pay" rules for the mining, oil, and gas industries. According to GFI estimates, Nigeria loses over $14 billion each year to illicit financial flows, far more than any other African nation, with its energy sector being by far the most prominent contributor.
Task Force member Christian Aid was quick to praise the development, in particular these comments from his speech:
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July 19th, 2011
Free trade is not what Africa needs, Mr Cameron
The Guardian, July 19, 2011
Only people’s power can end graft: Gurumurthy
Express Buzz, July 19, 2011
Germany aims at Swiss banks over tax dodgers –report
Reuters, July 19, 2011
India Sees Growth Imperiled With Greek-Like Tax Evasion
Bloomberg, July 19, 2011
Central Bank steps up fight against money laundering
Business Daily, July 19, 2011
India tweaking laws to check money laundering
Rediff Business, July 19, 2011
July 19th, 2011
Ten years ago today, the
New York Times reported the words of U.S. Treasury Secretary Paul O'Neill who, in testimony:
"dismissed as meaningless a document, based on government data, presented by the senator, Carl Levin, a Michigan Democrat, indicating that fewer than 6,000 of more than 1.1 million offshore accounts and businesses were properly disclosed and therefore legal. Pressed by Senator Levin about whether the disparity between reported offshore accounts and their actual numbers was significant, Mr. O'Neill replied: ''I find it amusing.''
The scale of it was startling, even then:
"His testimony, to the...
