Financial Transparency Coalition

Today, Global Financial Integrity released our newest report, Illicit Financial Flows from Developing Countries Over the Decade Ending 2009. In the report, we found that despite the global financial crisis and subsequent drop in international trade and foreign direct investment, illicit financial flows still approached US$1 trillion out of the developing world. This represents a decline from the US$1.55 trillion we estimated flowed out of the developing world in 2008, but still represents a horrible tragedy for developing countries.

Richard Murphy points out that Chile's government is moving towards giving up banking secrecy. From the Wall Street Journal today:

Chile's lower house has approved a bill that would allow the national tax service to access Chileans' bank-account information and share it with other countries' tax authorities.

Late Wednesday, the house passed the bill, 72-16 with 17 abstentions, which will be sent to the Senate.

This is great news!

SANTIAGO (Dow Jones)--Chile's lower house has approved a bill that would allow the national tax service to access Chileans' bank-account information and share it with other countries' tax authorities.

Chile's bid to be the first South American member of the Organization for Economic Cooperation and Development by the end of this year could be dashed if lawmakers don't change bank secrecy laws ''as soon as possible,'' the OECD's legal chief said.