Financial Transparency Coalition

WASHINGTON, DC – Global Financial Integrity (GFI) praised European Union leaders today for their commitment to requiring banks to disclose profits-made, taxes-paid, subsidiaries, and staff levels on a country-by-country basis, and the Washington, DC-based research and advocacy organization called upon the United States to follow Europe’s lead and adopt similar rules.

LONDON - European Parliament moves to force banks to reveal more about their finances are a huge step towards getting companies to pay their taxes – although the new rules should be extended to other industries, Christian Aid says today.

WASHINGTON, DC – According to media reports, the Governor of the Central Bank of Russia stated Wednesday that roughly $50 billion was illegally siphoned out of Russia in 2012, echoing research published last week by Global Financial Integrity (GFI), a Washington, DC-based research and advocacy organization, which estimated that an annual average of $62 billion was illicitly smuggled out of Russia in recent years.

LONDON - The Observer alleged today that one of the key companies involved in the horsemeat scandal was set up such that it hid the names of the people who own and control it. "This illustrates why hidden company ownership is such a problem," said Rosie Sharpe, campaigner at Global Witness. "Criminals – whether they be fraudsters passing horsemeat off as beef, arms dealers fuelling wars, or corrupt dictators nicking their country’s wealth – need to hide their identities, and at the moment it’s all too easy to do this by setting up a company.”