Financial Transparency Coalition

LONDON - Ahead of Thursday’s meeting of the European Parliament's Legal Affairs committee, Global Witness staged a parade of “dictators” in protest at plans to water down upcoming European laws to make oil, mining and timber companies more transparent about the billions of dollars that they pay in revenues to countries around the world. Time and time again Global Witness has highlighted how opaque money flows get squandered and embezzled, leaving ordinary citizens mired in poverty.

WASHINGTON, DC – Global Financial Integrity (GFI) applauded the U.S. Treasury Department and the Internal Revenue Service (IRS) for last night adopting a regulation (TD 9584) requiring banks to report information about interest earned on U.S. deposit accounts held by non-resident aliens, as banks have been required to do for accounts held by American citizens and Canadians. GFI and others have long advocated for implementation of this rule as an important tool in the fight against international tax evasion, money laundering, drug trafficking, corruption, and terrorist financing.

WASHINGTON, DC – As details surfaced today connecting the illicit outflow of assets from China in the suspicious death of British businessman Neil Heywood last November, Global Financial Integrity (GFI) highlighted China’s place as the largest victim of illicit financial outflows. The latest research from GFI estimates that the Asian nation suffered US$2.74 trillion in illicit financial outflows over the decade ending in 2009, more than quintupling the outflows from the next largest victim of illegal capital flight.

LONDON - Global Witness calls for a thorough investigation into HSBC, Citibank and Abbey National (now owned by Santander) for their roles in the laundering of millions of pounds by James Ibori, former governor of Nigeria’s oil-rich Delta State. Ibori pleaded guilty to ten counts of money laundering and fraud in relation to an estimated $250 million of stolen state assets on 27 February; today was the first day of his sentencing hearing.