In co-operation with Policy Forum, the Financial Transparency Coalition successfully hosted its annual conference in Dar es Salaam, Tanzania from October 1-2, 2013. The conference, Towards Transparency: Making the Global Financial System Work for Development, focused on addressing the problem of illicit financial flows, and how this illicit money, often gained through corruption, illegal activities, or tax evasion, could be better used to foster growth and development.
Every year, developing countries lose around $1 trillion per year to illicit financial flows, which are the proceeds of tax evasion, crime, and corruption. They undermine accountable government, enable organized crime on a massive scale, and make it more difficult for governments to provide basic services. Illicit financial outflows dwarf foreign aid, and represent one of the biggest impediments to development in Africa. (more…)
The Task Force on Financial Integrity and Economic Development, in partnership with the Centre for Budget and Governance Accountability, hosted its first Asia regional conference, Financial Transparency: Challenges and Opportunities for Developing Countries, at the India Habitat Centre in New Delhi on April 3, 2013
According to the latest report by Task Force member Global Financial Integrity, the Asia region lost an average of US$344.4 billion per annum in illicit financial flows from 2001-2010. It accounted for 60.91 percent of the total illicit financial flows from the developing world, with China, Malaysia, the Philippines, and India among the top 10 countries with the highest measured average annual illicit financial outflows over that decade. Conference panelists will address the issue of illicit financial flows in the Asian context and discuss possible solutions. (more…)
The 2011 annual conference of the Task Force on Financial Integrity and Economic Development took place at the Cercle National des Armées in Paris, France from October 6-7.
Illicit financial outflows from developing countries—which total around $1.3 trillion per year—undermine the tax base in poorer countries, eroding the accountability that is essential for good governance and global stability. The same opacity that facilitates these flows is also partly responsible for the budget crises that are plaguing governments in developed countries, which the G20 has been trying to address. The key to curtailing these illicit flows is transparency. (more…)
The 2010 annual conference of the Task Force on Financial Integrity and Economic Development took place at the Radisson Blu Hotel Norge in Bergen, Norway, September 28-29, 2010.
Considering the current financial crisis evidences the same lack of transparency in the global financial system that has affected developing countries for decades, the conference explored concrete, practical means for enhancing transparency to the benefit of rich and poor nations alike. (more…)