Financial Transparency Coalition

Remarks to Focus on Illicit Outflows from Africa, Country-by-Country Reporting

COPENHAGEN, Denmark – Global Financial Integrity (GFI) Director Raymond Baker will deliver remarks Tuesday, May 3^rd as part of the Danish Ministry of Foreign Affairs’ 2011 Danida Days development conference followed by an appearance the same day before the Foreign Affairs Committee of the Danish Parliament.

In his Danida Days remarks, Mr. Baker will talk about the impact of illicit financial flows (IFFs) on tax collection in Africa. In a recent report, “Illicit Financial Flows from Africa: Hidden Resource for Development,” GFI estimated that IFFs removed $854 billion from the continent between 1970 and 2008.

Later in the day, Mr. Baker will present testimony before the Danish Parliament’s Foreign Affairs Committee on the topic of country-by-country reporting—an international accounting standard that would require all multi-national corporations to report sales, profits, and taxes paid in all jurisdictions in their audited annual reports and tax returns.

“We are pleased to see the Government of Denmark display resolve to adopt greater transparency measures,” said Mr. Baker. “We also hope that the European Union pushes ahead with its own measures to adopt country-by-country reporting; it is a crucial component of cracking down on illicit financial flows in developing countries and ensuring a level playing field for multinational corporations.”

Mr. Baker will be available for interviews throughout the day on May 2^nd, and potentially—for a very brief period—on May 3^rd. To schedule an interview, contact Clark Gascoigne at +1 202 293 0740 ext. 227 or contact Hans Hessel-Andersen at +45 3392 0260.

Along with Global Financial Integrity, the Government of Denmark is a member of the Task Force on Financial Integrity and Economic Development (Task Force), a consortium of governments and civil society organizations focused on achieving greater transparency in the global financial system for the benefit of developing countries.

Contact:

Clark Gascoigne
Global Financial Integrity
+1 202 293 0740 ext. 227 (Office)
cgascoigne@gfip.org

Hans Hessel-Andersen
Danish Ministry of Foreign Affairs
+45 3392 0260
hanhes@um.dk

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The Task Force on Financial Integrity and Economic Development addresses inequalities in the global financial system that penalize billions of people, and advocates for improved transparency and accountability.

Global Financial Integrity is a coordinating committee and founding member of the Task Force on Financial Integrity & Economic Development.

For additional information please visit http://www.financialtransparency.org.