Financial Transparency Coalition

$33 Billion Illicitly Left Libya between 2001-2009, Says Global Financial Integrity Since the forces of the Libyan Transitional Council entered Tripoli last week, Muammar Qaddafi has not been seen, presumably hiding or on the run from the revolution aimed at ending his 42-year rule.  But as pointed out on ABC News last Wednesday, much of the money he looted from the country over the past 4 decades is still at large as well. Citing Global Financial Integrity (GFI) research, ABC notes that at least $33 billion dollars left the country through illicit means in...

WASHINGTON, DC – Senators Carl Levin (D-MI) and Chuck Grassley (R-IA) introduced bi-partisan legislation today, which would require companies to disclose the names of the beneficial owners of corporations and limited liability companies (LLCs) when formed. Anti-money laundering proponents, law enforcement groups, and financial transparency organizations consider the legislation, known as the Incorporation Transparency and Law Enforcement Assistance Act of 2011, a crucial step toward strengthening law enforcement and keeping criminal and tax evading money out of the U.S.

Yesterday, Colombia's Prosecutor-General, Viviane Morales, spoke about the pervasive role money laundering plays in Colombia's economy while participating in Pan American Congress on Money Laundering Risk and Terrorism Financing in the city of Cartagena. She cited statistics from her government that place the scale of money laundering at $8 billion, roughly 3% of GDP. She also said the government lacked the ability to effectively address the situation. The eStandards Foundation, which montiors financial standards around the world, had this to say about Colombian compliance programs: he U.S. Department of State (DoS) reported in 2008 that the banking...

WASHINGTON, DC – The U.S. Treasury Department is finalizing a regulation (REG-146097-09) that would require that the interest earned on the U.S. bank accounts of non-resident aliens be reported to the Internal Revenue Service (IRS), as is currently required for U.S. citizens. The proposed IRS regulation has been touted as an important tool in the fight against international tax evasion, money laundering, drug trafficking, corruption, and terrorist financing. However, a small group of legislators have introduced a bill (H.R. 2568) that would prevent the Treasury from taking such action.